Solana Holds Above $103 Support Despite Bearish CMF

Solana (SOL) opened September 7 at $106.46, rose to $106.80, then fell to a low of $104.22 before closing at $104.97, a 1.4% daily decline. The move kept the token near the psychological $105 level and highlighted a fresh test of short‑term resistance around $107.

Technical picture

On the 4‑hour chart SOL remains above its 20‑, 50‑, 100‑ and 200‑period simple moving averages, indicating a bullish alignment of short‑term averages over longer ones. The key support zone lies between $103 and $104, formed by the 20‑period ($103.93) and 50‑period ($102.98) averages. A close below the 100‑period average at $101.26 would expose the $100 psychological level.

Capital flow and liquidation clusters

The Chaikin Money Flow indicator dropped to –0.15, suggesting selling pressure exceeded buying pressure over the measurement period. CoinGlass liquidation heatmaps show concentrated leveraged positions near $108 and a secondary cluster around $103‑$104. A break above $107 could trigger short‑covering and push price toward $109‑$110, while a break below $104 could spark long liquidations and pull price toward the $101‑$102 range.

Momentum signals

Daily Aroon readings show 0% Up and 21.43% Down, indicating weakened near‑term momentum. The token stays above Supertrend support at $90.68, and the next major resistance is near $110.68. A daily close above that level would open a path toward $115, whereas a close below $100 would shift focus to $95 and the $90.68 support.

Analyst outlook

Analyst Wayne Liang noted that SOL could start another upward leg if its rising trend structure holds, while Team LAMBO referenced a broader accumulation phase that may precede further expansion.

Short‑term outlook

The immediate battle is between the $103‑$104 support zone and the $107‑$108 resistance cluster. The side that breaks first will likely determine whether SOL retests the $110 area or slides toward $100.