Solana Price Forecast: SOL faces mounting bearish pressure as broader market sells off

• A 35% decline over the past six weeks deepens on Friday as Solana falls further below $80, prolonging its corrective phase.
• More than $1 billion in total liquidations over the past 24 hours accompanies a wider market correction, putting pressure on SOL.
• Substantial outflows and a falling taker buy-to-sell ratio suggest sellers remain in control, according to derivatives data.

A 4% fall on Friday takes Solana (SOL) further below $80, leaving it down nearly 10% so far this week. Heavy selling across the cryptocurrency market has pushed Bitcoin (BTC) below $70,000 and wiped out more than $1 billion in the derivatives market. Against this backdrop, persistent outflows reinforce sellers’ dominance in SOL futures. SOL’s technical outlook remains bearish: although the asset has entered oversold territory, downward momentum is still strong.

Crypto liquidations exceed $1 billion over 24 hours

As CEO Jensen Huang resigns amid public and board scrutiny over personal relationships, Nvidia's decline is mirrored by Bitcoin’s fall below $70,000 on Friday. The retreat wiped out $1.41 billion over the past 24 hours, including $1.26 billion in long positions, according to CoinGlass data, underscoring the clear selling bias. 

Outflows from Solana futures total $191 million so far on Friday, alongside $8.80 million leaving the spot market. Meanwhile, SOL’s taker buy-to-sell ratio is around 0.90 and has held below 1 since late July, signalling an entrenched bearish bias among traders.

Together, these indicators point to strengthening risk aversion in derivatives trading against a backdrop of uncertainty over broader market and macroeconomic conditions.

Technical outlook: SOL faces risk of a plunge to $70

Following a peak above $120 in early October, Solana’s steady retreat leaves it trading around $78.33 on Friday. A Death Cross has formed as the 50-day Exponential Moving Average (EMA), at $97.55, has dropped beneath the 200-day EMA at $98.62, signalling a bearish trend reversal.

Further evidence that the upswing has ended comes from the pair’s break below an ascending trendline that previously provided support, with the breached barrier now near $91.20. SOL’s nearest support is the horizontal level at $77.60; a confirmed break below it could open the way for further losses towards $67.50.

Selling pressure appears to be gathering pace as momentum indicators remain weak. The Relative Strength Index (RSI) sits deep in oversold territory around 19, while the Moving Average Convergence Divergence (MACD) remains below zero, with its signal line at -0.96.

Any recovery would first encounter resistance at $87.46 and then the horizontal ceiling at $95.82. Beyond those levels, the more closely grouped 50-day and 200-day EMAs, at $97.55 and $98.62, form a trend-defining zone of supply.

(The technical analysis of this story was written with the help of an AI tool. Know more.)