Solana (SOL) Price Rollercoaster: $200 Hopes Crushed as Bearish Charts Slam Brakes at $80

Solana's SOL token just got a brutal reality check—what looked like a sprint to $200 has turned into a stumbling retreat below $80. The charts aren’t just whispering 'caution'; they’re screaming it.

Technical breakdown: The once-bullish momentum has flatlined. Key support levels? Evaporated like a meme coin’s promises. Traders who bet on a quick rebound are now staring at a textbook bearish reversal pattern—no amount of hopium can sugarcoat that.

Market sentiment flip: Remember the 'SOL to $200' crowd? They’ve gone quiet, replaced by sidelined whales and panic-selling retail. Even the usual 'buy the dip' brigade is hesitating—turns out, gravity still works in crypto.

Finance jab of the day: Nothing brings traders back to earth faster than a 60% drop. Except maybe a leveraged long position exploding in their faces.

TLDR

• Solana (SOL) has confirmed a head and shoulders breakdown below $142 neckline, targeting potential drop to $120
• Price lost key weekly EMAs (12/25) and daily EMAs (50/200), with technical indicators showing bearish momentum
• Liquidation cluster sits at $131 with $124K in potential forced selling if level breaks
• SOL dropped nearly 10% in past week to $129, with negative Chaikin Money Flow (-0.13) showing selling pressure
• Staking ETF approval rumors could provide bullish catalyst, with some analysts suggesting 80% chance by July

Solana has confirmed a bearish technical pattern that threatens to push the cryptocurrency lower in the coming weeks. The altcoin recently broke below key support levels while posting a nearly 10% decline over the past seven days.

The price action has validated a head and shoulders formation that began developing in April. This classic reversal pattern saw completion when SOL dropped below the $142 neckline level with increased volume.

$SOL

Head and shoulders breakdown. pic.twitter.com/NLboG5HAwf

— Nebraskangooner (@Nebraskangooner) June 21, 2025

Chart analysis from technical analysts shows the measured move from this pattern points toward a potential target NEAR $120. The breakdown came with rising volume, adding conviction to the bearish move.

Key Technical Levels Under Pressure

Solana has lost critical weekly exponential moving averages at the 12 and 25 periods. These levels have historically served as major support and resistance zones for the cryptocurrency.

The weekly chart shows both EMAs curling downward with price settling below them. This creates a broader bearish structure that puts SOL in what analysts call “prove it” mode for buyers.

$SOL DAILY

Breaking support, retesting as resistance and dropping.

Nothing on this chart looks good, both key MAs starting to curl down, both above price.

Altcoins have been replaced by stocks. pic.twitter.com/x5cx9ao2AD

— The Wolf Of All Streets (@scottmelker) June 22, 2025

Daily timeframe indicators reinforce the weakness. The 50 and 200-day EMAs are now tilting downward after SOL broke key support, retested it as resistance, and rolled over in textbook fashion.

The current price sits at $129, down from higher levels earlier in the week. Key support now rests at the $130 level, which coincides with important technical and fundamental factors.

Liquidation Risk Builds

A cluster of Leveraged long positions sits around the $131 level, representing approximately $124,000 worth of potential liquidations. This concentration of forced selling could accelerate any breakdown below current levels.

The liquidation heatmap shows density of positions just below the current trading range. If these positions get liquidated, it could fuel a quick MOVE toward the $128 to $130 area.

Technical indicators support the bearish case. The Chaikin Money FLOW has dropped to -0.13, showing that selling volume outweighs buying volume and money is flowing out of the asset.

The Elder-Ray Index sits at -20.74, confirming that sellers maintain control. This indicator measures the balance between buyers and sellers by analyzing price relative to moving averages.

When the Elder-Ray Index turns negative, it shows bears dominate as prices consistently fall below the average. The current reading suggests selling pressure outweighs buying interest.

A breakdown below $130 could open the path toward $123.49 based on technical projections. However, bulls WOULD need to reclaim the $142 to $145 zone to shift momentum back in their favor.

ETF Speculation Provides Upside Catalyst

Despite the bearish technical picture, rumors around Solana staking ETF approval could change the narrative quickly. Some analysts suggest both ethereum and Solana staking ETFs might receive approval as early as June.

One crypto analyst estimates an 80% probability of ETF approval by July. This development could override the current bearish technical setup if it materializes.

The $138 to $140 range represents crucial support according to some analysts. A bounce from this level could target the $190 to $200 range in the coming weeks based on ABC retracement patterns.

ETF approval has historically created strong price momentum for cryptocurrencies. Bitcoin and Ethereum both saw significant rallies following their respective ETF launches.

The timing coincides with the end of the second quarter, which could provide additional catalyst for institutional flows. Solana’s technological capabilities and ecosystem growth make it a candidate for institutional adoption.

pic.twitter.com/wu9mMkxtUg

— Donald J. TRUMP (@realDonaldTrump) June 21, 2025

Current geopolitical tensions between the US and Iran have contributed to broader market uncertainty. This backdrop has weighed on risk assets including cryptocurrencies over the past week.

The combination of technical breakdown and fundamental uncertainty creates a challenging environment for solana in the near term. Price action around the $130 level will likely determine the next directional move for the cryptocurrency.