Solana drops 15%, hits 2-year low: Can SOL bulls hold $70?

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Solana drops 15%, hits 2-year low: Can SOL bulls hold $70？

Solana whale fully liquidated amid market dip

Amid this downside volatility, whale investors in the futures market, especially those taking long positions, experienced forced liquidations.

Source: CoinGlass

Source: CoinGlass

Is SOLs bottom in yet？

Solana declined further as forced selling in futures markets created additional selling pressure on an already weakened market structure.

At the same time, the altcoin jumped back above $80, as investors took the slip below $70 as an opportunity to buy the dip on the spot.

Source: CoinGlass

As such, the altcoins Netflow dropped to November 2025 levels, falling to -$101 million on the 5th of February. Notably, over $7 billion worth of SOL flowed out of exchanges, a clear sign of aggressive spot accumulation.

Despite this, the purchases have remained insufficient to offset market conditions, and sellers have retained complete control. In fact, the altcoins Relative Strength Index (RSI) fell deeper into the oversold zone, dropping to 21 as of writing.

Source: TradingView

With momentum indicators dropping to such a level, this suggested strong downward momentum, with buyers entirely displaced. Equally, it indicated a potential continuation of the prevailing trend.

Therefore, if these conditions persist, SOL could drop again below $70. For a trend reversal, buyers must keep up and reclaim the altcoins Parabolic SAR at $103.