The Solana token finds itself navigating turbulent market conditions, having recently fallen below the psychologically significant $100 threshold. This decline, which saw SOL trading at $91.01, reflects a confluence of institutional caution and revised analyst projections. Notably, this price action stands in stark contrast to the network’s robust operational performance, highlighting a growing divergence between fundamental usage and market valuation.

Institutional Sentiment and Revised Targets

A significant factor contributing to the current uncertainty is a revised outlook from Standard Chartered. Analysts, led by Geoffrey Kendrick, have adjusted their year-end 2026 price target downward to $250 from a previous estimate of $310. The bank cites slower-than-anticipated adoption in key sectors, specifically within micropayments and stablecoin utilization, as the primary reason for this near-term correction.

Despite this adjustment, Standard Chartered maintains a bullish long-term view. The institution reaffirmed its ambitious $2,000 price target for 2030, anticipating that Solana will ultimately benefit from high-throughput commercial applications. However, the analysts caution that for the 2026-2027 period, SOL may underperform relative to its main competitor, Ethereum.

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Mounting Selling Pressure and Weak ETF Flows

The breach below $100 represents a notable shift in market structure, with SOL posting a seven-day loss of approximately 28%. Several interconnected factors are driving the downward momentum:

• Tepid Institutional Interest: Demand via U.S. spot ETFs remains subdued. Inflows of just $1.24 million on a recent Tuesday proved insufficient to counter broader selling pressure, while outflows from Grayscale’s products have further dampened sentiment.
• Increased Unstaking Activity: On-chain metrics indicate a reduction in holders’ willingness to lock up their tokens. Approximately 1.15 million SOL have been unstaked in recent weeks, an action that often precedes sales.
• Derivatives Market Strain: Declining open interest across derivatives platforms, coupled with a series of long-position liquidations, has exacerbated the sell-off.

The Utility-Price Paradox

Perhaps the most striking aspect of the current situation is the disconnect between network activity and token price. From a fundamental perspective, Solana’s metrics remain strong. In January 2026, the network led the decentralized exchange (DEX) landscape with a formidable $117.7 billion in trading volume. This intense usage for transactions and trading, however, is failing to translate into positive price action. Market experts describe this phenomenon as a decoupling of fee generation from direct token demand.

With current prices, Solana is testing a crucial support band between $90 and $95. Observers warn that a confirmed breakdown below $88 could open the path toward lower liquidity zones around $78 to $80. To neutralize the immediate downtrend, a swift recovery and consolidation above the $100 to $102 resistance area would be required.

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