Solana’s network activity hits multi-month lows – Is SOL headed for a $100 retest?

Question

holding $120 looks increasingly difficult.

Is a deeper drop to new yearly lows next?

Key levels to watch The factors above align with SOL’s 55% price drop since mid-January, just a day after hitting its $270 all-time high.

The surge in Solana’ network activity driven by the TRUMP and MELANIA memecoin frenzy has clearly faded.

With the crypto market shedding over $200 billion and Bitcoin sliding below $80K, high-cap assets like SOL are struggling to hold key levels.

Sell-side liquidity has driven $40.75 million in long liquidations, reinforcing downside pressure.

Given weak on-chain demand on Solana network, heavy liquidations, and continued unstaking, SOL risks extending losses toward $100 – $112 – especially if Bitcoin fails to reclaim critical support.

SOL price Source: TradingView (SOL/USDT)

This level previously acted as a strong demand zone a year ago, sparking a rebound to $180.

However, given the deterioration in Solana’s network activity and the broader risk-off sentiment, a FOMO-driven recovery remains distant, potentially exposing SOL to a deeper drop toward $100.