Solana’s price continued to fall on February 4, extending its recent downtrend. At press time, SOL was trading near $97, down more than 6% over the past 24 hours and more than 23% over the week.
The token has retraced roughly 66% from its January 2025 peak of $293. Over the past month, Solana has fallen about 31%, testing the $95–$100 support zone that traders consider critical.
Despite the decline, activity on the network remains strong. Spot trading volume increased 32% to $6.55 billion, while futures trading jumped 40% to $17.17 billion. Open interest also edged higher, suggesting traders are adding exposure rather than exiting the market.
Network fundamentals show continued strength. Solana processed over 2.34 billion transactions in January, a 33% increase from the previous month, outpacing Ethereum, Base, and BNB Chain combined. U.S. spot Solana ETFs also attracted $104 million in inflows, signaling growing institutional interest.
Technically, Solana remains in a bearish structure. Daily charts show a pattern of lower highs and lower lows, with the $115–$120 zone now acting as resistance. The price is below the declining daily moving average near $121.
Momentum indicators show oversold conditions. The relative strength index is between 26 and 28, suggesting short-term weakness may continue. A rebound could face resistance near $120–$122.
Analysts have adjusted expectations for the near term. Standard Chartered lowered its 2026 Solana target to $250 but expects longer-term growth, forecasting SOL at $400 by 2027 and up to $2,000 by 2030, citing adoption in stablecoins and micropayments.
The $100 level remains a key psychological support. A sustained break below it could open the way for further declines toward $95–$93, with broader support near $85–$90 if selling intensifies.
