SOL Falls Below 120 USDT as Loss Eases to 0.87%
SOL fell below the key 120 USDT level on OKX, trading at 119.99 USDT in the latest update. Its 24-hour loss was reported at 0.87%, compared with an earlier decline of 1.34%, indicating that selling pressure had eased slightly. SOL remains just below a major psychological threshold. Traders should watch whether SOL can reclaim 120 USDT. Sustained trading below the level could reinforce downside risk, while a quick recovery may suggest a temporary breakdown. Solana has also led decentralised exchange activity for five consecutive weeks, pointing to relatively strong network usage despite the price weakness. Traders should monitor spot volume, derivatives funding rates, open interest and broader crypto-market sentiment for confirmation.
Bearish
SOL’s move below 120 USDT is a short-term bearish signal because it places the token beneath a widely watched psychological support level. Continued trading below 120 USDT could attract further selling and encourage traders to increase short positions, particularly if spot volume rises, funding rates weaken or open interest expands during the decline. However, the latest 0.87% loss is smaller than the earlier 1.34% decline, suggesting that selling momentum may be moderating. A rapid recovery above 120 USDT would weaken the bearish case and indicate a possible false breakdown. Strong decentralised exchange activity on Solana may support longer-term network fundamentals, but it does not by itself prevent further short-term price weakness. Overall, the immediate price setup remains bearish, while confirmation depends on volume, derivatives data and broader market sentiment.