Caution is spreading across the cryptocurrency market as Solana (SOL) faces renewed selling pressure, testing a key support level near $150 amid broad-based digital asset weakness.
At the time of writing, SOL changes hands around $157, marking a 0.96% daily decline and a steep 22% weekly loss. Persistent selling pressure since Monday has erased much of Solana’s late-October gains, pushing the token toward critical technical levels.
Market slump deepens as Solana breaks key supports
The sharpest portion of Solana’s recent decline occurred early in the trading week, as the token plunged from $188, breaching its $175 support and briefly touching $147 before stabilizing near $150.
However, Solana’s weakness is part of a broader market sell-off. Total cryptocurrency market capitalization has shed roughly $300 billion, following Bitcoin’s dip below the $100,000 mark — a move that sparked a wave of liquidation across major altcoins. Market sentiment remains fragile, with traders showing little appetite for risk and few signs of recovery emerging.
SOL’s next direction hinges on the ability of the $150 support zone to withstand further selling pressure. If bearish momentum persists, prices could slide deeper, potentially undermining investor confidence and triggering additional losses.
Solana price outlook
Solana’s latest drop has brought the token to the lower boundary of the descending parallel channel that has guided its price action since September. Throughout this downtrend, SOL has consistently respected the pattern, finding both support and resistance along the channel’s edges.
Trading well below its 200-day moving average and having lost the $175 weekly support, Solana’s medium-term bias remains decisively bearish. The breakdown makes it increasingly difficult for buyers to regain control, with any upward attempts likely to meet heavy resistance near $175.
With broader crypto sentiment still negative, any rebounds are likely to be sold into, reinforcing the probability that $175 will act as a strong resistance barrier in the near term.
If SOL fails to hold above $150, the next leg lower could take it toward $140 or below, particularly if risk aversion intensifies across digital assets. Conversely, a more constructive scenario would see the token consolidating between $150–$175, allowing buying interest to rebuild before attempting a sustained recovery.
For now, traders remain cautious, awaiting signs of stabilization across the broader crypto landscape before committing to fresh long positions.
