Solana, weakness deepens as key supports collapse…breaches 100-week line · 2-year uptrend line

Solana (SOL) price has plunged more than 34% over the past two weeks, making the bearish trend clear.

On the 15th (local time), Cointelegraph reported, "Solana fell to $142 the previous day, marking the lowest level since June 23. With ETF inflows slowing and the price decline accelerating, analysis suggests that long-term technical supports have consecutively collapsed."

According to Glassnode, Solana recently fell below the 100-week simple moving average (SMA) during the correction, and the multi-year uptrend line that has continued since January 2023 also collapsed simultaneously. The current year-to-date low is around $95.

Solana's price is currently testing an order block around the $140 area on the daily chart. According to Glassnode's 'UTXO Realized Price Distribution (URPD)' indicator, there is almost no distribution of buyers' realized purchase prices below the $140 range. This means there are not many long-term holders defending supply at that price range, suggesting that if downward pressure continues, the defense could easily break.

From a technical perspective, downward pressure is also strengthening. Solana's RSI (Relative Strength Index) has fallen to its lowest level since April this year, and momentum weakening is clearly evident.

Earlier, Cointelegraph analyzed that if Solana falls below the $150 support, it could fall further to $126, with the next support at $100. The 200-week SMA is also located around $100, and is expected to serve as the de facto 'last line of defense.'