Solana slid sharply over the past few sessions, extending a short-term selloff and breaking below several nearby support levels on the daily chart.
The move accelerated after SOL failed to hold above the $125–$130 area, where price had been consolidating in late January. Once that zone gave way, sellers pushed the token lower in quick succession, sending price down toward the $104 area by early Feb. 3. The decline unfolded over multiple red daily candles, signaling sustained selling rather than a single liquidation event.
Solana U.S. Dollar 1D (Coinbase). Source: TradingView.com
At the same time, SOL moved decisively below its 50-day exponential moving average, which had been tracking near $128. That level had acted as dynamic support through much of December and January. However, as price slipped under it, the average flipped into overhead resistance, reinforcing downside pressure during subsequent sessions.
Momentum indicators also weakened. The relative strength index dropped toward the low 30s, reflecting growing bearish momentum as the selloff progressed. Meanwhile, volume expanded during the down days, pointing to increased participation on the sell side as price moved lower.
Earlier attempts to stabilize near $120 failed to attract follow-through buying. Instead, price rolled over again, breaking a short rising trendline that had formed during the late-January bounce. That breakdown marked the latest lower low on the chart, keeping the near-term structure pointed downward.
Overall, the past few days showed a clear shift in control from buyers to sellers, with Solana retracing a large portion of its January gains as downside momentum built across the daily timeframe.
TD Sequential flags Solana shift, Ali Charts says
Meanwhile, Market analyst Ali Charts said the TD Sequential indicator called Solana’s local top on Jan. 9 and has now flipped to a buy signal.
SOL Daily Chart (TD Sequential): Source: Ali Charts via X
In a post on X, Ali Charts said the indicator “perfectly timed” the earlier peak in SOL and now suggests a potential turnaround after the recent slide.
The shared “SOL daily chart” shows a steady downtrend from the mid-January area, followed by a sharp late-month drop that pushed price to about $104.92 before a small rebound attempt.
Solana tests descending channel base, Trader Tardigrade says
Crypto analyst Trader Tardigrade said Solana is trading at the lower boundary of a broad descending channel on the weekly chart.
SOLUSD Weekly Chart, Descending Channel Bottom: Source: Trader Tardigrade via X
In a post on X, the analyst noted that SOL has moved back to the channel bottom after a prolonged decline, placing price at a level that has previously marked major inflection points within the structure.
The shared weekly chart shows Solana oscillating inside a downward-sloping range since 2024, with lower highs pressing against the channel’s upper trendline and repeated pullbacks toward the lower boundary. The latest move brings SOL back near the same support zone that capped previous selloffs before sharp rebounds.