Solana’s price experienced a significant drop of 14.95% in the past 24 hours, trading at around $101.35 as of April 7th. This comes following a broader market downturn that has seen Bitcoin fall to $77K. As a result, Solana is facing pressure near its long-term support level of $100. The crypto market saw notable volatility with increased trading volume, and community members in the Asian sector are reporting panic selling as analysts’ predictions were realized. 24 hours ago, the price hovered at $120 before a bearish trend emerged. Notable drops have been attributed to whales dumping SOL tokens, including a significant move of 202,604 tokens from an anonymous whale to Binance. This action, aiming to cut losses and stand to lose approximately $678K, may further intensify the current market climate. Technical indicators signal potential downward trends for Solana. Its price has formed a descending channel pattern, reflecting bearish sentiment. Further technical analysis suggests that its short-term 9-day MA is below its long-term 21-day MA, and its RSI value stands at 30.94. This suggests the coin is in an oversold condition, but further price drops to $100 may trigger support levels of 97.90 and 80.49. Notably, Solana joins Cardano and XRP in experiencing similar bearish trends across different cryptocurrencies.