Solana Price Slips Below $120 as $117 Support Comes Under Pressure - Solana’s run-up has hit a wall. After SOL couldn’t stay above $120, all eyes moved to $117—that’s the new key support traders are watching.
On September 29, SOL hovered around $117.50. That’s about 5.7% off its recent high of $124.62 two days earlier. CoinGecko’s numbers backed it up too, showing SOL around $117.85, down close to 1.6% over the past day.
Here’s what happened: SOL kicked off last week near $115, climbed up toward $125, then started sliding back down. People really started selling once SOL dropped below $120. That was a spot it reclaimed during the rally, but couldn’t hang onto.
Even though SOL’s faded a bit, it’s still way above where it was back in mid-September—near $97. Still, the dip from $124.62 down to $117.50 is putting pressure on this latest recovery streak.
Traders are looking at two big zones on the charts right now: support near $117 and resistance somewhere between $120 and $125.
Why is Solana slipping?
SOL got knocked down after it neared $125, which lines up with strong resistance on the daily Murrey Math chart.
It hit $124.62 on September 27 and then pulled back over the next couple sessions. Along the way, SOL fell below the Murrey Math level at $118.75.
The daily chart says the rally fizzled near resistance, and the pullback dragged prices lower. It kind of looks like folks are taking profits after a big run—but honestly, the chart doesn’t offer just one obvious reason for the drop.
If you check short-term money-flow numbers, selling pressure clearly ramped up.
The 14-day RSI on the daily chart was about 61—a bit under its recent peak and the moving average around 64. RSI still sits above 50, so gains keep beating losses. But that slip in RSI shows buyers aren’t pushing as hard since SOL flirted with $125.
Zooming in to the 4-hour chart, the shift stands out more.
Solana Price Slips Below $120 as $117 Support Comes Under Pressure
SOL traded close to $117.59, which is below the middle Bollinger Band (around $120.29). Chaikin Money Flow dropped to -0.15, signaling heavier selling lately.
SOL’s also inching near the lower Bollinger Band at $116.32. A strong move below that could aim for daily support near $112.50.
On the flip side, if SOL jumps back above $120.29, the short-term picture brightens up. The upper 4-hour Bollinger Band sits at $124.26, right near the recent $124.62 high and the bigger resistance of $125.
Market watchers are glued to $117
Analysts are pretty focused on that $117 zone—even if their opinions don’t line up.
Daan Crypto Trades posted on September 29 that SOL had moved above $117 resistance, and suggested a possible target of $148 if SOL keeps holding strong there.
His chart treats $117 as the foundation for the bigger move, but points out resistance still waits near $125.
“$SOL Flipped the $117 resistance. Targeting $148 next if this level holds.”
Batman, another analyst, has a more cautious take. He noted that SOL broke below a rising trendline, and thinks SOL needs to reclaim both the trendline and nearby support to bolster its old pattern. If that doesn’t happen, SOL might get shut down again.
In the end, what matters is how SOL handles the current price region.
If it stays above $117, Daan’s support idea sticks. If SOL can recover past $118.75 and then $120.29, that would show buyers returning.
But if SOL keeps dropping, lower levels (the broken trendline and technical support) will grab everyone’s attention.
Solana Price Slips Below $120 as $117 Support Comes Under Pressure
CoinGlass’s three-day liquidation heatmap shows a bunch of liquidations could hit around $117, which is right around today’s price.
There are liquidation spots higher up too, especially between $121–$123 and $125–$126.
These “hot zones” are where leveraged trades could unwind if SOL gets to those prices. Doesn’t mean it’ll actually go there—it just shows where trouble’s brewing if it does.
The latest price action has SOL falling back toward $117 after briefly reclaiming $120 on September 29.
So, $117 is a big deal right now—for both traders and folks watching for liquidations.
A solid break below $117 could push SOL closer to the lower 4-hour Bollinger Band near $116.32. If that fails, daily support at $112.50 comes up next—that’s about a 4% dip from where SOL sits now.
If buyers step in and move SOL above $118.75 and past the 4-hour middle Bollinger Band at $120.29, then the $121–$123 liquidation zone becomes the new target, followed by the recent high and the resistance at $125.
Right now, the daily RSI shows there’s still some bullish energy left. But on the 4-hour chart, sellers are running the show below $120.
How SOL reacts at $117 matters a lot. If support holds, the pullback could stay contained and another push at $125 could be possible. If it cracks, then the next safety net is down at $112.50.
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