Solana is starting to feel uneasy, and it’s not the only one. Across the altcoin market, charts are weakening, support levels are getting tested, and confidence is clearly fading.
Bob Loukas summed it up well on X when he said many ALT’s are “peering over a cliff,” and if you look at Solana’s chart, it’s easy to see why that warning matters.
Right now, the SOL price is trading near $122 after a long slide from its highs above $240. Some holders are pointing out that the price is already down more than 50% and sitting near support. That’s true. But the way price is behaving indicates the pressure hasn’t fully played out yet.
What you'll learn 👉
The Trend Has Shifted for SOL, and the Chart Reflects It
On the daily chart shared by Bob, Solana’s bullish structure has clearly broken down. After topping near $250, the series of higher lows disappeared, and every bounce since October has been weaker than the last.
Once the SOL price lost the $180–$190 area, sellers took control and never really gave it back.
The moving average has rolled over and is now acting as resistance instead of support. That’s a key change. It tells us rallies are being sold, not accumulated. Instead of sharp rebounds, price is grinding lower, which usually points to distribution rather than panic.
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SOL Finds Support, but Buyer Hesitation and Altcoin Weakness Linger
The $120–$125 zone is now the level everyone’s watching. It lines up with prior consolidation and has attracted buyers in the past. But levels only matter if buyers actually defend them.
So far, the SOL price hasn’t bounced with much conviction. Instead, the price is chopping sideways with a slight downward tilt. That kind of action usually means buyers are absorbing supply slowly, not stepping in aggressively.
As Bob Loukas warned, just being “at support” doesn’t mean the downside is over. Support works only when buyers show up with confidence.
Solana’s weakness is also happening in a tough environment for altcoins in general. Bitcoin dominance has been creeping higher, liquidity is thinning out, and many large-cap alts are showing the same slow bleed lower.
This type of market doesn’t always deliver dramatic crashes. Instead, it grinds just enough to wear people down, especially those who assumed the worst was already behind them.
What Comes Next for SOL
If the SOL price loses the $120 area cleanly, the next major zone sits closer to $105–$110. Given the current structure, a move into that range wouldn’t be surprising, especially if overall sentiment weakens or Bitcoin turns volatile again.
On the upside, the Solana would need to reclaim and hold above $135–$140 to change the tone. Until that happens, any bounce is likely to be seen as relief rather than the start of a new trend.
Solana isn’t collapsing, but it’s clearly under stress. The SOL chart isn’t forgiving right now, and the idea that price “can’t go much lower” is exactly the kind of thinking Bob Loukas is warning against.
At this point, SOL is less about chasing upside and more about whether key support can actually hold. In a market like this, having a plan matters far more than hoping support saves the day.
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