Key Insights
- Solana lost 22% this week, slipping from $188 to $147 before stabilizing near $150 after heavy early-week selling.
- A $300 billion market-wide loss dragged major tokens down, with Solana breaching key technical levels, including its 200-day average.
- Market liquidations exceeded $2 billion, adding pressure to Solana’s downtrend and limiting near-term recovery potential.
Solana (SOL) continued its downward movement this week, exchanging hands at $157 as of November 5, after posting a 0.96% daily loss. The weekly decline now stands at 22%, marking one of the steepest drops among major altcoins. The sharpest part of the drop occurred early in the week, as SOL plummeted from $188 to a low of $147, breaking below the $175 weekly support level before stabilizing near $150.
The decline in Solana mirrors the broader weakness across the crypto market. A total of $300 billion has been wiped from the global crypto market value since Monday. Bitcoin, after briefly slipping below the $100,000 level, contributed to the downward momentum, dragging major altcoins with it.
Technical breakdown weakens recovery prospects
Solana’s recent price action places it below its 200-day moving average, reinforcing bearish sentiment. The token has remained within a downward parallel channel since September, and this week’s slide brought it to the channel’s lower boundary. With $175 now turning into a key resistance zone, upward moves face significant barriers.
The $150 level is now viewed as an essential support for SOL. The token has found temporary stability near this price point, but sustained selling pressure could lead to further losses. Any bullish reversal will likely encounter resistance at previous support levels, notably $175.
Market sentiment weighs heavily on potential recovery
Broader market sentiment remains cautious following more than $2 billion in liquidations across digital assets. The bearish outlook, combined with continued volatility, increases the likelihood of traders selling into short-term rallies. Until confidence returns, price rebounds may remain limited.
