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Solana (SOL) is under growing pressure as the broader crypto market continues to face uncertainty. With futures open interest stuck near multi-month lows and the U.S. Federal Reserve heading into a key meeting without labor data, SOL traders are watching an important support level that has historically triggered major reversals.
SOL fell nearly 2.5% during Thursday’s U.S. trading session, extending a two-week decline that has erased more than 22% from its market value. As selling pressure intensifies, analysts are watching whether buyers can defend the long-term support trendline near $130—a level that marked the start of major rallies in the past.
Broader Market Weakness Deepens Solana’s Pullback
Solana’s price drop from $171.80 to around $133.60 reflects both ecosystem-specific challenges and wider market turbulence. The S&P 500 recently shed over $1.5 trillion in value, triggering a risk-off environment that spilled into crypto markets. Non-yielding assets like Bitcoin, Solana, and other altcoins typically underperform when investors expect interest rates to remain high, and this trend has held true throughout November.
Adding to the volatility, the Bureau of Labor Statistics unexpectedly announced it would not release the October non-farm payroll report. This means the Federal Reserve must make its December interest-rate decision without its usual labor-market snapshot. With the next employment update pushed beyond the FOMC meeting, uncertainty has surged across financial markets.
As a result, traders now expect lower chances of a December rate cut. Many anticipate a pause or a modest 25-basis-point adjustment at most. The shift in expectations has weakened appetite for risk assets, prompting more selling across Bitcoin, Ethereum, and Solana.
Open Interest in SOL Futures Remains Flat
Derivatives data shows limited bullish conviction among market participants. Solana’s futures open interest remains stuck around $7.3 billion according to Coinglass—an unusually stagnant level given the asset’s recent volatility.
Open interest failed to recover after the sharp liquidation event on October 10, which wiped out more than $800 million in leveraged positions. Since then:
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Funding rates have drifted near zero
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Daily price movements have stayed within a narrow 1–3% range
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Long–short ratios remain close to neutral
This behavior signals low speculative activity and a cautious outlook among traders. Many participants appear to be waiting for clearer macroeconomic signals or signs of renewed inflows into crypto markets before re-entering positions.
At the same time, leverage levels across major exchanges have dropped to multi-month lows, and ETF inflows have been softer compared to earlier in the year. This suggests a meaningful amount of sidelined capital is still waiting for stronger confirmation before returning to SOL.
Solana Approaches a Key Multi-Year Support Zone
With the latest daily drop, Solana now trades just above $133.60. The pullback is accompanied by rising trading volume, hinting at stronger conviction from sellers. But the focus is shifting to the long-term trendline support near the $130 level, a technical zone that has played a major role in Solana’s price structure since late 2023.
Historically, every time SOL approached this dynamic support zone, buyers stepped in aggressively, triggering powerful bullish reversals. This trendline has served as the foundation of Solana’s broader multi-month rally and helped the asset climb toward its yearly highs.
If buyers defend this level again, analysts believe Solana could regain momentum and initiate a fresh recovery phase. A bounce from $130 would reinforce the broader uptrend and potentially attract sidelined traders back into the market.
What Happens if Solana Breaks Below $130?
Despite the historical strength of this support zone, the risk of a deeper correction remains. If SOL fails to hold the $130 trendline, sellers may gain full control and push the price toward the next major psychological support at $100.
A breakdown below the trendline would indicate weakening long-term momentum and could trigger:
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Increased selling pressure
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Higher volatility
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More liquidations across futures markets
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Potential retests of older accumulation zones
Market sentiment would likely turn more cautious, especially if macroeconomic conditions deteriorate further or if traders continue to reduce exposure ahead of the December FOMC meeting.
Outlook: Critical Days Ahead for Solana
Solana is approaching a crucial moment. The combination of stagnant futures interest, macro uncertainty, and a major technical support test makes the coming days especially important for determining SOL’s next trend.
If buyers defend $130, Solana could stabilize and attempt a fresh rally. But if the support fails, a slide toward $100 becomes increasingly likely.
As global markets await direction from the Federal Reserve and monitor broader risk sentiment, Solana traders will be watching the long-term trendline closely for signs of a reversal—or a deeper decline.
