Solana Price Collapse: 20% Weekly Drop as Support Fails

by Ouess

Solana is facing a severe downturn, dramatically underperforming the broader crypto market. The Solana price has collapsed by 5% today, crashing through the crucial $214 support level to trade near $195. This extends a brutal sell-off that has resulted in a staggering 20% loss over the past week, leaving investors scrambling.

Solana Price

Why is Solana Crashing?

This sharp Solana price drop is fueled by a perfect storm of negative factors. As the broader market turns risk-off, investors who profited from SOL’s recent rally to $240 are now rushing to exit. The situation is being worsened by on-chain data showing that crypto whales are moving large amounts of SOL to exchanges, signaling their intent to sell and creating immense downward pressure.

Critical Solana Price Levels: Is a Bounce or a Collapse Coming?

All eyes are now on a make-or-break support zone. The price is hovering just above the $185 level, which is the last major line of defense for the bulls.

Solana Price Analysis
Sol Price Source : TradingView

  • Bearish Scenario (Deeper Collapse): If the $185 support breaks, it could trigger a panic sell-off, potentially sending SOL price plummeting toward $170 or even $156.
  • Bullish Scenario (Recovery Bounce): There is a glimmer of hope. The Relative Strength Index (RSI) is nearing oversold territory, suggesting the selling pressure may be exhausting itself. For any hope of a recovery, bulls must fiercely defend $185 and push the price back above $202. The next key resistance levels to watch would then be $210 and $230.

The Verdict

The current Solana price drop has put the token in a dangerously weak position. While an oversold bounce is possible, the momentum is overwhelmingly bearish. The next few days are critical—holding $185 is absolutely essential to prevent a much deeper and more painful collapse.

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