Solana Breaks Key Support – $10 SOL Possible?
Solana (SOL) has broken below a key support at $120. Is this the beginning of a massive sell-off?
Solana (SOL) has gone down by nearly 13% in the past week as the crypto markets were hit by Trump’s hostile rhetoric and actions on the trade front.
Fear that unilateral tariffs imposed on key commercial allies could result in higher inflation in the U.S. has taken over the market and has depressed investors’ sentiment.
As a result, most financial assets have suffered declines lately.
SOL has not been spared, and this latest decline has pushed the token below a key psychological threshold.
Although trading volumes have gone down by 40% despite China’s announcement that it will impose retaliatory tariffs on U.S. goods, the situation could deteriorate rapidly once the American session starts.
Other cryptocurrencies like Sui (SUI) and Toncoin (TON) are already experiencing much sharper drops of 3.7% and 8% respectively. S&P 500 futures have gone down by 2.8% as well during the pre-market session as well.
Meanwhile, the Fear and Greed Index currently stands at 25, which means that investors are just one bad news away from once again entering Extreme Fear territory.
SOL Could Drop to $100 and Below if It Loses This Key Support
Looking at Solana’s daily chart, we can see that this is the second time that SOL has broken below the $120 level in the past 30 days or so.
Multiple support breaks typically result in near-term weakness in the asset’s price.
However, the $110-$115 levels have been strong areas of support for SOL many times in the past, meaning that buyers consider these price levels attractive to amass the token.
The market may have already priced in Trump’s measures but there is still some degree of uncertainty concerning how other countries will react to his decisions.
Momentum indicators favor a bearish outlook for SOL as the Relative Strength Index (RSI) is still standing below the signal line. Meanwhile, the MACD’s histogram shows that negative momentum is accelerating.
For now, the $110 level is the most relevant support area to watch. A bearish breakout could result in a drop to the $100 level for the first time since late February.
If the market enters a prolonged bearish phase driven by continued tariff pressure, Solana could break below $100, with historical support levels sitting around $60, $30, and even as low as $10. While a drop to these levels would likely require a severe market downturn, they remain potential long-term targets if sentiment continues to deteriorate.
That said, even if Solana faces downside risk in the broader market, its ecosystem continues to expand—especially within the meme coin space.
As Solana continues its dominance in the meme coin sector, a new scaling protocol called Solaxy has emerged to enhance the network’s ability to handle high transaction volumes efficiently.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
If Jensen Huang resigns, who could take over Nvidia? AMD's Lisa Su included in media candidates
AMD CEO Lisa Su, who holds a Ph.D. from MIT and led AMD back to growth while rebuilding customer trust during a crisis, is seen as a potential candidate. However, the competitive relationship between AMD and NVIDIA adds complexity to the succession process. Arm CEO Rene Haas, who worked at NVIDIA for seven years, is considered a smoother option for succession.

SoftBank reports first quarterly loss in two years! $3.7 billion impairment in US data center project, AI investments face pressure
SoftBank Group reported a net loss of 1.12 trillion yen in its second fiscal quarter, marking its first quarterly loss in nearly two years. The main reasons are the write-off of nearly $3.7 billion in advance payments due to adjustments in the procurement of power supply equipment for its AI data center in Ohio, USA, a shift of the Vision Fund from profit to loss, and a surge in the cost of high-debt financing. Since the June peak, SoftBank's share price has fallen more than 50%.
Expanding computing power on one hand, grabbing spectrum on the other! Barclays optimistic about SpaceX (SPCX.US) acquiring T-Mobile: Complementary advantages of ground networks and Starlink
After Space's stock price rose for two consecutive days, Barclays stated that T-Mobile is the "cleanest" choice among SpaceX’s potential acquisition targets. Barclays considers Verizon a major unknown, while AT&T has the lowest strategic fit.
Will the Federal Reserve raise rates in December? Tonight's CPI will be the final verdict!
The October CPI data will be released tonight, with the market pricing in an 86% chance of a rate hike. Goldman Sachs predicts a core CPI month-on-month increase of only 0.16%, much lower than market expectations. However, statistical distortions in health insurance and declines in used car prices—these "soft factors"—are unlikely to be reflected in the core PCE, which the Federal Reserve places greater emphasis on. The data may trigger a relief rally, but it is unlikely to change the underlying hawkish sentiment.
