Solana Drops 13% in a Week, Faces Potential $100 Retest

Solana (SOL) has seen a sharp 13% decline over the past week, breaking below the crucial $120 support level. This marks a concerning trend as the token has dropped nearly 60% from its January all-time high of $293 and is down 40% year-to-date.

Bearish Patterns Emerge for Solana

Recent data shows Solana's price may soon test the $100 mark, potentially dropping another 15.9%.
Analysts have identified a bearish "head and shoulders" pattern, with potential targets around $95 and possibly lower to $80, indicating further declines.

Institutional Interest Grows Despite Bearish Indicators

Solana ETFs in the US have attracted $63.9 million in net inflows recently, suggesting growing institutional interest.
This positive development is overshadowed by increased volatility and heavy selling pressure in spot markets.
Leveraged position liquidations have risen, dampening Solana's price response to institutional activities.

The future of Solana remains uncertain. Institutional interest offers some optimism but is countered by significant selling pressure and broader market challenges, with total market capitalization falling below $2.90 trillion.