As the broader crypto market faces a significant deleveraging event today, February 1, 2026, Solana (SOL) has found itself caught in the crosshairs. The "Ethereum Killer" is currently battling to maintain its psychological footing as liquidations ripple through the DeFi ecosystem.
SOL Current Market Performance
Metric Real-Time Data
Current Price $105.18
24h Change -10.08% 📉
Market Capitalization ~$59.6 Billion
24h Trading Volume $10.16 Billion
24h High / Low $118.54 / $100.65
Market Rank 7
Why Is SOL Dropping?
Macro Panic & "Risk-Off" Sentiment: The broader market crash—driven by uncertainty surrounding the Warsh nomination for Fed Chair and a technical U.S. government funding lapse—has hit high-beta assets like Solana the hardest.
Leverage Flush: Over $2.2 billion in total market liquidations occurred today. For SOL, which is a favorite for high-leverage traders on Binance and Bybit, this caused a rapid "cascade" effect, forcing the price down from its $118 daily open.
Testing Critical Support: SOL recently broke below its 50-day and 100-day EMAs. It is now testing the $100.00 psychological support. A decisive close below this level could open the door for a retest of the $95.00 zone, last seen in early 2025.
The Silver Lining: Long-Term Resilience
Despite the red candles, Solana's fundamental ecosystem remains robust:
Institutional Inflow: Even amidst the weakness in late January, Solana recorded $92.9 million in institutional inflows, outperforming almost all other altcoins.
Network Upgrades: Traders are looking ahead to the full rollout of Firedancer later this year, which is expected to push network speeds past 1 million TPS.
HODL Strength: Data shows that holders who entered the market in late 2025 are largely refusing to sell, suggesting that the current "paper hands" flush might lead to a supply crunch once the market stabilizes.
Technical Levels to Watch
Immediate Resistance: $116.00 (The previous support turned resistance).
Critical Support: $100.00.
Recovery Target: $133.00 (Reclaiming the 50-day EMA).
Analyst View: The Relative Strength Index (RSI) is hovering near 40, approaching oversold territory. While the short-term trend is bearish, a bounce from the $100 support is a high-probability scenario if Bitcoin finds its floor.
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