Solana has slipped back below the 120 USD level, and the retreat has put a critical support zone around 117 USD to the test. After a rally that carried SOL from the mid-September area near 97 USD to a September 27 high of 124.62 USD, the token has surrendered part of that advance, and the short-term charts now show sellers with the upper hand.
SOL traded near 117.50 USD on September 29, roughly 5.7 percent below that 124.62 USD peak, with CoinGecko quoting the token near 117.85 USD, down about 1.6 percent over 24 hours. The token began the past week near 115 USD and climbed toward 125 USD before giving back part of the advance. The reversal gathered pace after SOL slipped below 120 USD — a level it had crossed during the rally but could not hold on its latest attempt. Solana remains well above its mid-September lows, but the slide from 124.62 to roughly 117.50 USD has placed the latest leg of the rally under genuine pressure.
Where the rally ran out of steam
The daily chart explains where the move stalled. SOL turned lower after approaching 125 USD, which the chart marks as a major Murrey Math resistance level. The price reached 124.62 USD on September 27, then fell over the following two days and moved below the indicator’s 118.75 USD level. The charts show where the rally stalled; they do not establish a single cause for the decline. The move is consistent with traders selling into resistance after the recent advance, while money-flow readings on the shorter timeframe show selling pressure building.
Daily momentum has softened but not broken. The 14-day relative strength index stood near 61, down from its recent highs and below its moving average near 64. Because the RSI remains above 50, recent gains still outweigh losses over the indicator’s period — but its decline confirms that upward momentum has weakened since SOL approached 125 USD.
The four-hour chart offers a sharper picture of that shift. SOL traded near 117.59 USD, below the Bollinger Bands’ middle line at 120.29 USD, with the Chaikin Money Flow indicator dropping to minus 0.15 — a negative reading that points to increased selling pressure on that timeframe. The token also traded close to the lower Bollinger Band at 116.32 USD. A move beneath it would put the daily chart’s 112.50 USD level in focus, roughly 4 percent below the latest price. If buyers instead push SOL back above 120.29 USD, the upper four-hour band near 124.26 USD becomes the nearby test before the 125 USD daily resistance.
Analysts split over what the 117 USD zone means
Traders are watching the same area from different angles. Daan Crypto Trades said in a September 29 post that SOL had flipped resistance at 117 USD into support and identified 148 USD as a possible target if that level holds. “Not the quickest mover, other coins will move faster,” he wrote, adding that the chart “has been pretty straightforward and respecting levels well,” with minimal drawdowns making it an easier position to hold. His bull case depends entirely on 117 USD holding.
A separate September 29 analysis from an analyst known as Batman struck a darker tone, noting that SOL had broken below a rising trendline. According to that read, the token would need to reclaim both the trendline and a nearby support area to restore the earlier setup, with the risk of another rejection if the recovery attempt fails.
The practical difference between the two views comes down to price behavior around current levels. A hold above 117 USD keeps the flipped-support thesis alive. A recovery through 118.75 and then 120.29 USD would provide stronger evidence that buyers are regaining ground. Continued losses would leave the broken trendline and lower chart targets in play.
Leverage clusters raise the stakes at 117 USD
CoinGlass’s three-day liquidation heatmap shows a cluster of estimated liquidations around 117 USD, sitting almost exactly at SOL’s latest price — which means the support battle carries immediate weight for leveraged traders on both sides. Above the market, heatmap bands appear around 121 to 123 USD and 125 to 126 USD, marking zones where forced liquidations could accelerate any upside move. Those bands indicate where leveraged positions could face liquidation if price reaches them; they do not guarantee price will travel there.
For broader context, CoinGecko data at 00:00 UTC on October 1 showed Bitcoin near 83,543 USD and Ethereum near 2,684 USD, with SOL itself near 118 USD — a quiet large-cap backdrop that leaves Solana’s short-term fate resting mostly on its own technicals.
The roadmap ahead is straightforward to describe even if it is hard to trade. First, SOL needs to defend the 117 USD zone, where flipped support, the liquidation cluster and the bearish money-flow reading all converge. Second, a reclaim of 118.75 and the 120.29 USD middle band would signal buyers are returning. Only then does the 124.62 USD high and the 125 USD Murrey Math resistance come back into realistic focus. A failure at 117 USD instead opens the path to 116.32, then 112.50 USD — and converts a routine pullback into a deeper correction of the September rally.
Whether SOL holds 117 USD will determine if this retreat stays contained or extends toward the next daily support. Until then, the token sits exactly on the line that separates the two outcomes, and both bulls and bears have placed their leverage right on top of it.
funding flipped negative right as price lost 120. usually means the flush trade is crowded, not the continuation one
bought the breakout above 120 and now im the exit liquidity lol. 117 holds or this thing retraces the whole leg back toward the 97 base
bought the breakout above 120 and now im the exit liquidity lol. 117 holds or this thing retraces the whole leg back toward the 97 base
same boat, stop below 115 for me. need a clean higher low before i trust this rally again
daan says 148, batman says broken trendline. pick your fighter lol. whole trade comes down to 117 holding
daan needs a full trend restart for 148, batman just needs 117 to crack. asymmetric downside is exactly why these 48 hours matter more than either target
cmf at minus 0.15 on the 4h kinda backs the batman read, sellers arent done yet
Rejection right at the Murrey 125 level after the run from 97 was fairly textbook. I would want a reclaim of 118.75 before adding anything here.
not the quickest mover was the politest way ever written to call SOL boring lmao. held through worse than a 6 percent dip
the 97 to 124.62 move was nearly 30 percent in two weeks, some giveback was always coming. the real test is whether 117 flips into resistance
117 already held twice on the 4h. before calling it resistance i want a close back above 118.75 like Marek said, though the volume on both rejections was thin