Solana Trades Below $120 as Key Support Sits Near $116.54

Solana (SOL) traded at $118.79 at 3:47 a.m. ET (07:47 UTC) Oct. 7, down 0.84% on the session, as the token remained below $120 and short-term technical levels pointed to support near $116.54.

SOL moved between $117.02 and $122.00. It was below the $119.27 pivot but above support at $116.54. A break below that level would put $114.29 among the next technical levels.

Momentum indicators were mixed. The MACD histogram was zero, while the relative strength index was 59.25. The stochastic oscillator showed %K at 50.44 and %D at 40.35. Bollinger Bands ranged from $111.73 to $124.74.

SOL’s seven-day simple moving average was $119.79, and its 12-period exponential moving average was $118.87. The 50-day simple moving average was near $107, while the 200-day average was $86.

Market positioning leaned long. Retail traders were 64.9% long, while top traders or whales were 66.5% long. Open interest was near $1 billion, with that reported reading down 0.12% overnight. The taker buy/sell ratio was 0.7834, and the funding rate was 0.0100%.

Other market-data readings showed different prices at different times and from different market-data sources. SOL was listed at $118.83 at 3:09 a.m. ET (07:09 UTC). Another market reading showed a mark price of $118.31 and an index price of $118.33, while another market-data reading showed SOL at $120.07 when accessed.

Venue-specific futures data showed open interest of 269,000 SOL, valued at $31.8 million, and an hourly funding rate of negative 0.0088334%. That open-interest figure is not directly reconciled with the broader estimate near $1 billion.

SOL closed at $120.68 on Oct. 6. Its market capitalization was $71.02 billion on Oct. 7, with $2.46 billion in 24-hour volume; an Oct. 7 closing price was not yet available.

The technical scenarios identify $114–$116 as an area for SOL to defend. A move above $119.27 and then $121.52 would mark higher technical thresholds. A projected 30-day bullish scenario ranges from $132 to $135 if SOL breaks above $125 with expanding volume.