😨🚨 SOLANA, The Critical Levels to Watch as $98 Support Fails
The Solana price remains under heavy pressure in early February, with the token down nearly 30% over the past 30 days and trading inside a weakening descending channel. Price continues to grind toward the lower boundary of this structure as long-term conviction fades.
At the same time, net staking activity has collapsed, exchange buying has slowed, and short term traders are building positions again. Together, these signals suggest that more SOL is becoming available for potential selling just as technical support weakens.
Key Solana Price Levels Still Point to $65 Risk
Technical structure continues to mirror the weakness seen in on chain data. SOL remains locked inside a descending channel that has guided price lower since November. After losing the critical $98 support zone, the price is now trading near $96, close to the channel’s lower boundary.
If this support fails, the next major downside target lies near $67, based on Fibonacci projections. A deeper move could extend toward $65, aligning with the full measured 30% breakdown of the channel.
On the upside, recovery remains difficult. The first level that Solana must reclaim is $98, followed by stronger resistance near $117, which capped multiple rallies in January. A sustained move above $117 would be required to neutralize the bearish structure.
Until then, downside risks remain elevated.
With staking collapsing, exchange buying weakening, and speculative positioning rising, more SOL is entering circulation just as technical support weakens. Unless long term accumulation returns, Solana remains vulnerable to a deeper correction toward $65.
