SOL Falls Below 120 USDT as 24-Hour Loss Reaches 1.34%
SOL fell below the 120 USDT level on OKX, trading at 119.99 USDT as of 5 October 2026 at 14:31 UTC, according to Odaily citing OKX market data. SOL recorded a 1.34% decline over 24 hours. The move places short-term focus on whether SOL can reclaim 120 USDT or faces further selling pressure. Traders may monitor spot volume, derivatives funding rates, open interest and broader crypto-market sentiment for confirmation. The report also notes that Solana has led decentralised exchange activity for five consecutive weeks, suggesting that network usage remains relatively strong despite the price weakness. However, this single market update does not establish a broader trend reversal.
Bearish
The immediate market signal is mildly bearish because SOL has lost the psychologically important 120 USDT level and posted a 1.34% 24-hour decline. Such breaks can trigger short-term selling, stop-loss orders and increased volatility, particularly if volume and derivatives positioning confirm the move. Similar isolated support breaks in major cryptocurrencies have often produced additional downside testing before a recovery, although the level can also be quickly reclaimed in a low-conviction market. The bearish assessment is limited rather than structural: Solana’s five-week lead in DEX trading volume indicates continuing ecosystem activity and may provide longer-term fundamental support. Traders should therefore distinguish between a short-term technical weakness and a broader deterioration in Solana demand. A recovery above 120 USDT with stronger volume would weaken the bearish signal, while sustained trading below the level could expose SOL to lower support zones.