- Solana traded as low as $128 after slipping from over $135.
- Technical outlook suggests bears could push prices toward $120 or lower.
- Bitcoin’s trajectory will also shape broader market sentiment.
The price of Solana (SOL) fell roughly 4% over the past 24 hours and was trading below $130 as of the time of writing on January 20, 2026.
The altcoin’s value declined amid heightened selling pressure across the broader market, as corrections pushed Bitcoin to around $90,600.
Derivative metrics for Solana point to a bearish tilt, making further downside toward sub-$120 levels a plausible scenario.
Solana slips below $130
Leading altcoins have continued to post notable milestones — for example, Solana’s real-world asset achievement of $1 billion — which signals longer-term potential.
However, in the short term bullish momentum appears to be waning.
Rising global economic uncertainty and ongoing crypto volatility reinforce this view, with long liquidations in SOL derivatives exceeding $20 million over the past 24 hours.
The imbalance in liquidations, where long positions account for over 95% of wipeouts, indicates heavily crowded bullish bets.
That concentration demonstrates how vulnerable bulls are to cascade-style sell-offs.
In this instance, aggressive deleveraging of long positions has reduced futures open interest on SOL to roughly $8.2 billion amid a lower risk appetite.
Funding rates currently hover around 0.0070%, but seller dominance has driven SOL prices down about 8% over the past week.
Monthly action has left short positions trimming the altcoin’s gains to just +2.4%.
Institutional flows present a mixed picture: U.S. spot Solana ETFs recorded net inflows of over $47 million last week.
SoSoValue data show that net inflows rose from roughly $41 million and $20 million in the two prior weeks, respectively.
Nonetheless, spot-driven selling could erode that support and potentially trigger outflows.
Price forecast for SOL – Is another $120 coming?
As noted, Solana traded below the critical $130 support after slipping under the 20-day and 50-day exponential moving averages.
The EMAs are concentrated near $137 and $159, indicating a short-term bearish structure.
Charts also show the daily MACD line crossing below its signal, with histogram bars widening on the negative side.
Meanwhile, the RSI sits around 41 and is approaching oversold territory, suggesting there is room for additional downward momentum.
Price chart
If support around $125–$126 fails, the path could open for a revisit of the $120 area.
Bears might target the $116 lows seen on December 18, 2025.
On the upside, resistance is visible near $137, with larger supply zones around $145 and $160.
A decisive move in either direction will be key for bears or bulls. Market sentiment will also hinge on Bitcoin’s path; fresh declines in BTC would increase SOL’s vulnerability to further drops.