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Solana Price Forecast: SOL sell-off intensifies as BTC drops to $60,000

  • Solana price extends its correction on Friday, reaching a low of $67.50, posting losses over 23% so far this week.
  • Derivatives data backs the bearish sentiment as open interest drops to mid-April levels, signaling waning investor participation.
  • The technical outlook suggests bears are in control, targeting $60 for SOL.

Solana (SOL) price extends its correction, slipping below $70 on Friday after posting losses of over 23% so far this week. The sell-off was fueled by broader weakness in the crypto market, with Bitcoin (BTC) reaching a low of $60,000 on Friday. The derivatives data shows signs of weakness, with SOL’s Open Interest (OI) dropping to mid-April levels. On the technical side, the outlook is bearish, with bears targeting a deeper correction to $60 for SOL.

Derivatives data shows bearish bias

Solana price started the week on a negative note, extending its fourth consecutive week of losses. SOL has declined more than 43% since mid-January, with nearly 23% of those losses recorded in the current week alone. 

Coinglass futures OI for SOL fell to $5 billion on Friday, the lowest level since mid-April 2025, and has been steadily declining from its mid-January 2026 high of nearly $9 billion. This drop in OI reflects waning investor participation and projects a bearish outlook.

Solana Open Interest chat. Source: Coinglass

In addition, CoinGlass’s SOL long-to-short ratio stands at 0.96 on Friday. This ratio, below one, reflects bearish sentiment in the markets, as more traders are betting on the asset price to fall.

Solana long-to-short ratio chart. Source: Coinglass

Moreover, Solana’s funding rate data also supports the bearish outlook. The metric has flipped negative on Friday, reading 0.035%, indicating shorts are paying longs and suggesting bearish sentiment toward SOL.

Solana funding rate chart. Source: Coinglass

Solana Price Forecast: SOL bears aiming for the $60 mark

Solana price was rejected at the weekly resistance at $126.65 on January 28 and declined by over 21% through Tuesday, closing below the $100 key psychological level. After losing this key level, the sell-off intensified, reaching a low of $67.50 as of Friday.

If Solana continues its downward spiral, it could extend the decline toward the next key psychological level at $60.

The Relative Strength Index (RSI) on the daily chart reads 19, an extreme oversold condition, indicating strong bearish momentum. The Moving Average Convergence Divergence (MACD) also showed a bearish crossover on January 19, which remains intact with rising red histogram bars below the neutral level, further supporting the negative outlook.

SOL/USDT daily chart

However, if SOL recovers, it could extend the advance toward Wednesday’s low of $89.30.

Author

Manish Chhetri

Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.

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