Solana: The Crypto That Fell to Earth and Forgot Its Umbrella

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Ah, Solana [SOL], the cryptocurrency that’s been on a rollercoaster ride so wild, even Marvin the Paranoid Android would raise an eyebrow. After valiantly attempting to breach the $150 supply zone-a feat as likely as finding a polite Vogon-it’s now sunk toward the $100 support zone. Because, of course, the market decided it was time for a spot of universal chaos.

The bulls, bless their optimistic hearts, had been trying to climb this resistance mountain since mid-November. But, as is tradition in the crypto universe, a market-wide selling spree sent SOL tumbling faster than a Heart of Gold escaping a fleet of Vogons. Truly, the universe has a sense of humor.

On the weekly chart, SOL sports a bearish bias-a mood so glum, it makes the Book of the Dead look like a comedy sketch. After its stellar performance at the end of 2024, it suffered a bearish structure break in April 2025. Because, why not? What’s life without a bit of existential dread?

The rejection at the 78.6% retracement level of $252.9 in September 2025 was the universe’s way of saying, “Nope, not today.” It proved that the April structure break wasn’t just a liquidity sweep but a full-blown trend shift. And here we are, staring at the very real possibility of SOL falling below the $95 swing low from April 2025. Hooray for gravity.

The Bullish Arguments for Solana: A Tale of Hope and Delusion

Recently, AMBCrypto-ever the optimist-explored the possibility of a Solana rally toward $300. This was deemed as likely as finding a polite Vogon, unless the bulls reclaimed the key supply zone at $150. Spoiler alert: they didn’t.

Another report pointed out that prediction sites like Kalshi were about as optimistic as a bowl of petunias, dismissing SOL’s chances of hitting ambitious targets like $450. But hey, for those with a longer investment horizon, $1,000 was totally feasible. VanEck even modeled a bullish scenario with a $3,200 price target by 2029. Because, why not dream big? It’s not like reality has ever gotten in the way of a good fantasy.

The network did experience increased on-chain activity, which is nice. Maybe, just maybe, this will make SOL more attractive as an investment, turning speculation into something resembling tangible economic value. Or, you know, not.

Traders’ Call to Action: Sell the Bounce, Buy the Dip, or Just Panic

The 1-day chart shows a bearish swing structure shift, marked in orange-because nothing says “doom” like the color of a setting sun. The $120 and $140 levels are local supply zones, perfect for swing traders looking to go short on a bounce toward $120. Because, why not add a bit more chaos to the mix?

The RSI is in oversold territory with a reading of 22, which is about as cheerful as a Vogon poetry reading. The high selling volume in recent days has taken the OBV to new multi-month lows. The next long-term support levels are $64 and $47.9, with $95 and $78 potentially seeing a temporary bullish reaction. Unless Bitcoin [BTC] drops below $74k, in which case, all bets are off.

Final Thoughts: Or, How to Sound Smart While Saying the Obvious

  • The weekly Solana chart is bearish, and a move to $95 is as imminent as the next unexpected plot twist in a Douglas Adams novel.
  • Swing traders, take note: a bounce toward $120 is your cue to go short, targeting $78 and $64. Especially if Bitcoin decides to take a nosedive below $74k. Because, why not end on a cliffhanger?

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2026-02-01 16:33