Key Takeaways:
Solana (Sol) has one of the worst weeks of 2025, down 18% in the past seven days, just riding Hyperliquid with the top 20 crypto ownership of losses.
The collapse puts Sol/USD on the track for the lowest weekly candle close since late August, the haka -haka -haaka in a push to a $ 120 level.
Coinglass data shows Solana’s futures Open interest (Oi) Press a record 71.8 million sol with $ 14.5 billion at the time of writing on Thursday. Similarly, the eternal funding rates have flipped positively to 0.0043% from -0.0065% with a jump in OI.
Related: Australia’s fitness firm firm 21% in Solana Treasury Gamble
Higher open interest and increasing funding rates amidst falling prices can result in an overleveraged market in which long ones are caught on the guard.
The current structure of the market favors the bears, based on other metrics. The amount of net taker sells heavy, showing a more aggressive seller is coming in.
Meanwhile, the spot CVD dropped, suggesting that the seller was mostly driven by the spot, which could also be interpreted in favor of the bears.
In addition, the data from Defillrama Shut up weakens network metrics, such as a 16% decrease in Total amount that is locked With Solana Defi Protocol and a 11% decrease in sunny transactions in the last seven days.
Number Cointelegraph reported.
Sol Technical Price: Can Solana visit $ 120?
Sol price action between August 2 and Thursday led to a formation of reversed V-shaped pattern on the daily chart.
The bears that have booked this rally, resulting in a sharp correction at the current levels and half under the pattern.
Meanwhile, the Kamag -child index -child strength (RSI) slopes down, decreasing from 69 to 37 since September 18, indicating the rise of the bearish momentum and still not “oversold.”
As the price aims to complete the reversed V-shaped pattern, it can drop further into the pattern neckline around the $ 155 demand zone, which represents a 22% price collapse from the current price.
Zooming out, a double top formation on the weekly chart of clues to a possible return to the pattern neckline at $ 120, as shown below. Such a move will bring total losses to 40% from the current levels.
However, the bulls have a good chance to respond in the short term. The RSI is now significantly “oversold” in shorter time frames.
Number Cointelegraph reportedSOL price can expand its downfall towards $ 150- $ 110 if support is lost to $ 200.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
