SOLANA (SOL-USD) TRADE around $123–$124, down more than 40% in 2025 from the $296 peak. Market cap has dropped from about $135B to roughly $70B, while price now hovers just above the 52-week low at ~$119.47. The chart shows SOL-USD pressed against a critical support band between $118–$120, with the broader trend still bearish even as short-term momentum tries to stabilise. On the daily timeframe, SOL-USD remains captured inside a descending channel that has contained every rebound since October.
Price sits below the 20, 50, 100 and 200-day EMAs, and the 20-day EMA around $127.60 is the first serious dynamic resistance that must be reclaimed before any real trend repair is credible. Around $121–$122, SOL-USD has formed a local double-bottom structure, with buyers repeatedly defending that band and forcing intraday bounces. A short-term descending trendline from the latest swing high has been broken, which explains why the area around $120 has not failed on the first test. That said, on the higher three-day chart SOL-USD has already completed a clear head-and-shoulders pattern off the $296 top, with the current trading zone near $120–$125 overlapping the 61.8% Fibonacci retracement and effectively acting as the neckline.
A decisive breakdown through the $118–$120 band would validate that neckline and opens a clean slide toward roughly $70–$75, where the 78.6% Fib retracement at about $70.45 sits. In practice, support is concentrated at $118–$120, with immediate resistance at $125–$126 and the first structural pivot at $127–$128; a break below could widen the downside toward the $70s. Spot flows indicate selling has cooled but not flipped into broad-based accumulation, and SOL-USD hovers around $123 with repeated defences of $120. Futures open interest has collapsed from above $16B to about $7.3B, reducing the risk of violent liquidations but also making sharp upside moves more dependent on spot and ETF demand.
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