Solana Tests $100 Support as $80 Downside Risk Grows
Solana is testing the key $100 price level as a bearish head-and-shoulders pattern raises the risk of a 20% decline toward $80. SOL has fallen about 14% in October, underperforming Bitcoin, Ethereum and XRP. A daily close below $100, followed by failure to reclaim the $97–$98 area, could expose support at $93–$96, around $88 and then $80. A recovery above $105–$110 would offer an initial sign of improvement; moves above $115 and $125–$130 would further weaken the bearish setup.
Institutional flows remain a concern: US-listed Solana ETFs saw about $17.3 million in net withdrawals last week, marking three straight weeks of outflows. A preliminary October 26 snapshot showed another $8.2 million in redemptions. Meanwhile, Solana network adoption indicators are growing: addresses holding tokenized equities reached 1.5 million, and the Alpenglow upgrade targets transaction finality of about 150 milliseconds. These developments support the network’s longer-term infrastructure case but do not ensure near-term demand for SOL.
Bearish
The near-term signal is bearish because SOL is testing the psychologically important $100 level while a head-and-shoulders pattern points to a possible move toward $80. Three consecutive weeks of net withdrawals from US-listed Solana ETFs add evidence of weaker institutional demand. If SOL closes below $100 and cannot recover the $97–$98 area, technical selling and stop-loss orders could amplify volatility as traders watch successive support zones at $93–$96 and around $88.
Similar support breaks in crypto markets have sometimes triggered rapid declines when leveraged positions were liquidated, although chart patterns are not reliable on their own and can fail if buyers defend the level. A recovery above $105–$110 would ease immediate pressure; a move above $115, and especially $125–$130, would substantially challenge the bearish setup. Traders may therefore focus on daily closes, trading volume, ETF flows and broader market direction rather than treating $80 as a certainty.
Over the longer term, growth in tokenized-equity addresses and the Alpenglow upgrade support Solana’s network-development case. However, address counts do not necessarily equal unique users, and infrastructure improvements do not automatically create demand for SOL. The article also notes Standard Chartered’s $250 year-end target, highlighting the gap between short-term chart risk and a more optimistic long-term institutional outlook. Overall, the immediate bias is bearish, while the longer-term impact remains dependent on adoption, capital flows and whether key support holds.