Solana Faces Critical Support Test After Weekly Double-Digit Slide

Solana’s current recovery faces immediate resistance at the $109 session high, with significant liquidation clusters identified by CoinGlass near $111. The asset remains below its 20-day moving average and the middle Bollinger Band of $116.43, signaling a weakening of the upward momentum that drove the price from its August lows. Technical indicators, including a declining average directional index, suggest the recent bullish trend is losing steam as the market struggles to reclaim its early-October positioning near $120.

Support levels are becoming increasingly thin. The lower Bollinger Band sits at $106.01, serving as a immediate buffer before the price risks retesting the $101.69 low and the $100 mark. On the weekly timeframe, the Murrey Math indicator highlights a deeper support boundary at $93.75. Market sentiment remains divided; analyst Batman suggests the token is merely retesting the lower rail of an ascending channel, while CryptoBullet warns of potential further weakness before a sustained rebound.

External pressure is mounting alongside these technical headwinds. US spot Solana ETFs recently posted $24.8 million in net outflows, breaking a 14-week streak of investor interest. With the September consumer price index report set for release on October 14, traders are bracing for heightened volatility that could dictate whether SOL holds its current range or slides toward deeper weekly support.