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Solana price drops below $80 amid extreme fear and broader crypto market selling pressure today
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Massive $21 million liquidations forced long traders to exit positions, accelerating Solana’s price decline
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Elliott Wave breakdown confirms bearish trend, ending Solana’s previous bullish market cycle structure completely.
Solana ($SOL) has slipped below the crucial $80 level, marking a 6% decline over the past 24 hours. The drop comes as the crypto market has entered into Extreme FEAR with Bitcoin (BTC) and Ethereum (ETH) seeing selling.
Meanwhile, the fall in Solana price has made traders cautious, as losing this level could decide Solana’s next move.
$21M Liquidations Adds Pressure on Solana Price
This year, 2026, has been rough for Solana as it has dropped about 53%, falling from its yearly high of $148.21.
Eventually, today, Solana hit a low of $77 after failing to break above last week’s high of $91. This rejection pushed the price into strong selling pressure, especially after $SOL dropped below the important $80 level.
This massive plunge came after Solana saw total liquidations worth $21.31 million in the past 24 hours. Out of this, nearly $19.48 million came from long liquidations, showing that traders who expected the price to rise were forced to close their positions.
Whale Sells $3.9 Million Worth of Solana
Adding to the selling pressure, blockchain tracking platform Lookonchain reported that a major Solana whale, identified as Whale31o3cj, sold 50,000 $SOL worth around $3.91 million at $78.27.
Further, whale also exchanged 44,805 $SOL worth $3.5 million for 676.27 XAUT, a gold-backed digital asset.
Such a transaction hints that large holders may be reducing exposure from Solana and shifting funds into safer assets.
Next Key Support Level To Watch: $70
Solana’s weekly chart shows a clear Elliott Wave pattern, and the price has now broken below the key Wave (5) support zone near $127. This breakdown confirms the end of the previous bullish cycle and signals a shift toward a bearish phase.
After losing this major level, Solana dropped quickly toward the $80 zone, showing strong selling pressure.
This level previously acted as a strong demand area, where buyers stepped in to stabilize price declines.
Despite the recent drop, market participants are closely monitoring for signs of strength. A quick recovery above $80 would indicate strong buyer interest and could invalidate the bearish breakdown.