Solana’s price has slipped below the $95 level for the first time since early 2024, extending a sharp downtrend that has dominated the market in recent days. The token has fallen more than 8% in the last 24 hours, while weekly losses now stand close to 27%, highlighting strong and persistent selling pressure.

At the time of writing, Solana is trading near the $92 zone, well below its key moving averages, suggesting that bears remain firmly in control of short-term price action.

Broader Market Weakness Adds Pressure

Solana’s decline is not happening in isolation. The overall crypto market has dropped by over 4%, bringing total market capitalization down to around $2.5 trillion. Major assets have also seen sharp corrections, with Bitcoin falling roughly 5% and Ethereum down nearly 6%.

Other large-cap tokens, including BNB, XRP, ADA and DOGE, are also trading lower. Market sentiment remains deeply negative, with fear-driven selling and a surge in long liquidations amplifying downside momentum.

Trading Activity Surges Despite the Drop

Interestingly, Solana’s trading volume has increased significantly during the sell-off. Daily trading volume has jumped to approximately $7.1 billion, representing a rise of nearly 74%. This spike indicates heightened activity from both panic sellers and opportunistic traders reacting to increased volatility.

Rising volume during a price decline often reflects strong conviction in the current trend, reinforcing the idea that selling pressure is still dominant.

Solana Ecosystem Activity Remains Strong

Despite the price weakness, on-chain activity on the Solana network remains relatively robust. In January, the blockchain saw a surge in token creation, with over 1.3 million new SPL tokens launched, marking one of the most active periods in the past year.

While this highlights continued developer and ecosystem engagement, it has not yet translated into near-term price support for SOL, as broader market conditions continue to weigh heavily.

Solana ETFs See Growing Inflows

Adding a contrasting signal, Solana-focused exchange-traded products have recorded notable inflows. On February 2, 2026, Solana ETFs attracted approximately $5.6 million in net inflows, led by the Bitwise Solana Staking ETF (BSOL), which alone saw around $3.4 million in fresh capital.

Other products, including Fidelity’s Solana fund and Grayscale’s Solana fund, also reported positive flows. This trend suggests that while spot market sentiment is weak, institutional interest in Solana-linked investment products remains active.

Key Levels to Watch: $90 in Focus

From a technical perspective, the $90 level has emerged as a critical support zone. A clear breakdown below this area could open the door for a deeper correction toward the $80 region, where the next layer of demand is expected.

On the upside, any relief rally is likely to face strong resistance near $100, making it difficult for SOL to regain bullish momentum in the short term.

Momentum indicators continue to flash warning signs. The MACD remains firmly bearish, with the indicator line below the signal line, while the red histogram suggests continued downside pressure. Meanwhile, the Relative Strength Index (RSI) has dropped to around 21, placing SOL in oversold territory and hinting at the possibility of a short-term bounce , though not necessarily a trend reversal.

Outlook

Solana remains under heavy selling pressure, driven by broader market weakness and negative sentiment. While oversold conditions could trigger a temporary rebound, the overall trend still favors the bears. Unless SOL can reclaim key resistance levels, any recovery may remain limited, with the $90 support acting as the next major test for price stability.