Solana Slips to $80 as a Death Cross and $1.64B in Liquidations Slam Crypto

Solana traded near $80.54 on Friday after a 3.5% slide, dipping briefly below the $80 mark. The token is down 10% on the week and has shed a third of its value since changing hands above $120 in early October. The move came alongside Bitcoin's drop below $70,000, which lit up liquidations across crypto derivatives.

The damage was heavy. According to CoinGlass, about $1.64 billion in leveraged positions were liquidated in 24 hours, with longs accounting for $1.43 billion — traders betting on higher prices took the worst of it. Invezz also tied the selloff to weakness in tech stocks after Nvidia CEO Jensen Huang's resignation amid scrutiny over personal relationships, noting crypto's recent sensitivity to AI-linked equities.

Solana's own derivatives book is thinning out. CoinGlass data cited by Invezz shows SOL futures open interest down 6.3% in a day, now at $4.82 billion, while spot markets saw $8.80 million in outflows. The taker buy-to-sell ratio sits near 0.91 and has stayed under 1 since late July, meaning sellers keep the upper hand.

The chart has cracked. Solana's 50-day EMA at $97.55 has crossed beneath its 200-day EMA at $98.62 — the bearish signal known as a death cross — and SOL has broken below an ascending trendline now sitting around $91.20, which could flip into resistance. The daily RSI has sunk to roughly 21, deep in oversold territory, and the MACD remains below zero with its signal line near -0.81.

Bulls have one line to hold: $77.60. A defense there could let Solana consolidate or attempt a bounce, with $87.46 the first resistance and $95.82 behind it. Lose $77.60 decisively, though, and the next target is $67.50 — with the EMA cluster at $97.55 and $98.62 looming overhead as a wall if buyers ever push back.