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Solana’s price is stuck in a technical bear market after falling 59% from its peak in September last year. However, after forming a double bottom pattern, SOL price appears to have reached a key support level around $113, which has been pushed back due to the broader cryptocurrency market decline this week.
Cryptocurrency tokens are now trying to recover along with the broader market, with a market cap rising slightly to $2.91 trillion, according to data from Coingecko.
Despite falling 7.5% last week, Solana prices are up 3.5% over the past 24 hours, trading at $117.30 as of 3:02 a.m. ET. However, trading activity declined sharply, with SOL’s volume increasing 28% to $5.6 billion.
Gold, silver fall as markets weigh on Trump candidacy
Major U.S. stock indexes closed lower on Friday as investors viewed President Donald Trump’s nomination of former Federal Reserve Governor Kevin Worthy as a hawkish choice to succeed Federal Reserve Chairman Jerome Powell.
Wash is expected to favor interest rate cuts, but he is expected to fall short of the more aggressive monetary easing associated with other potential candidates, according to Trump and many economists.
Powell’s term expires in May, and Wash will take over as central bank governor if he is confirmed by the Senate.
JUST IN: 🇺🇸 President Trump has officially nominated pro-Bitcoin Kevin Warsh as the new Federal Reserve Chairman!
This is optimistic $BTC And cryptocurrency! 🔥 pic.twitter.com/fAWgqelYBf
— CEO (@Investments_CEO) January 30, 2026
In addition to assessing the risks posed by U.S. tensions with countries including Iran, investors were concerned about the possibility of another U.S. government shutdown after new obstacles to a deal to ensure continued funding for the agency’s operations emerged in the Senate.
The U.S. government went into what is expected to be a brief shutdown on Saturday after the Senate failed to approve a deal to preserve broad operating funds before a midnight deadline.
in result, Dow Jones Industrial Average The S&P 500 index closed at 48,892.47, down 179.09 points (0.36%), the S&P 500 index closed at 6,939.03, down 29.98 points (0.43%), and the Nasdaq Composite Index closed at 23,461.82, down 223.30 points (0.94%).
The interest-rate sensitive small-cap Russell 2000 index has recently outperformed the large-cap index, but fell behind on Friday, losing 1.6% for the day.
Over $7 trillion has disappeared from precious metals markets in the last 48 hours. Silver fell 29% to about $85 an ounce, while gold fell 8.15% to $4,893.2 an ounce.
Amid this downward trend, can Solana price continue to surge after seeing positive gains in the last days?
SOL price technical analysis indicates continued decline.
Solana price is trading within an intraday low of around $114.83 and a high of $118.61, just inside the highlighted neckline of the double top pattern, which acts as a bearish signal in most cases.
Bearish sentiment continues. brush price On the weekly chart, it is trading well below the 50-day simple moving average (SMA) but remains above the 200-day SMA support of $113, currently at $103.91. ‘
Meanwhile, Solana’s Relative Strength Index (RSI) is still trending downward on weekly time frames and is currently sitting at 36.57. This shows that the bears are still in control in the long term.
The 200-day SMA now acts as a long-term cushion against downward pressure. If the bears break above this support area, SOL price may fall further.
Tech experts are currently pointing to a continued downward trend as the market faces ongoing volatility. If this support breaks, Solana faces the risk of a decline to the resistance area around $47.3 in August 2023.
On the positive side, the 50-day SMA of $160.77 acts as the next major resistance level and target. Historically, buyers have used the $113 support to stage a recovery. If buyers enter this level and break the 50-day SMA, the next major target would be the $229 upside level.
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