The Solana (SOL) price has experienced a significant drop as broader crypto markets slide, falling below $140 and targeting levels near $122. This recent market downturn aligns with the S&P 500’s decline of nearly 3% over the past days, adding to the bearish sentiment affecting all cryptocurrency markets. Recent technical indicators suggest extreme selling pressure on SOL, with its RSI and MACD hitting levels not seen since mid-2023 and 2022 respectively. 1 4. The sell-off has amplified due to several factors, including recent rug pull cases on the Solana blockchain. This has eroded trader confidence, further exacerbated by Binance’s liquidation of a considerable amount of SOL through its market maker Wintermute. While some speculate that Binance is deliberately dumping the token to buy back at lower prices, others believe it’s merely reacting to broader market updates. 4 5. Despite this bearish momentum, Solana has maintained robust support levels in recent months and continues to trade within a pivotal range between $136.5 and $133.6. However, the prevailing trend suggests that SOL may soon lose this crucial support, potentially leading to further price declines toward the $100 mark, based on technical analysis. 2 6. With the ongoing sell-off and substantial liquidations already observed, the outlook for Solana appears challenging. If buying pressure fails to revive the market, SOL’s price may continue to slide. A sustained close below the critical support of around $119 could signify a shift into a bear market, with the possibility of further dips to $100. 7.