Solana Price Rises 3.5% Amid Broader Market Volatility

Solana price is stuck in a technical bear market after falling 59% from its high in September of last year. However, after forming a double bottom pattern, SOL price appears to have reached a key support level around $113, a decline that came amid a broader crypto market decline this week.

The crypto token is currently attempting a recovery, in tandem with the broader market, which has edged up by a fraction of a percentage to reach a market cap of $2.91 trillion, according to data from Coingecko.

Solana’s price is up 3.5% in the past 24 hours, although it is down 7.5% over the past week to trade at $117.30 as of 3:02 a.m. EST. However, trading activity fell dramatically, with SOL’s trading volume soaring 28% to $5.6 billion.

Gold and silver fall as markets weigh on Trump candidate

Wall Street’s major indexes closed lower Friday as investors viewed President Donald Trump’s nomination of former Federal Reserve Governor Kevin Warsh as a hawkish choice to succeed Federal Reserve Chairman Jerome Powell.

According to Trump and many economists, Warsh is expected to favor lower interest rates but refrain from the more aggressive monetary easing linked to some other potential candidates.

With Powell’s term ending in May, Warsh, if confirmed by the Senate, would take over as head of the central bank.

JUST IN: 🇺🇸 President Trump officially names pro-Bitcoin Kevin Warsh as the new Chairman of the Federal Reserve!

It is optimistic for $BTC and crypto! 🔥 pic.twitter.com/fAWgqelYBf

– CEO (@Investments_CEO) January 30, 2026

In addition to weighing risks from tensions between the United States and countries like Iran, investors were also worried about the prospect of another U.S. government shutdown after new obstacles emerged in the Senate to a deal that would ensure continued funding for the agency’s operations.

The U.S. government entered what is expected to be a brief shutdown on Saturday after the Senate failed to approve a deal to keep a large portion of operations funded before a midnight deadline.

Consequently, the Dow Jones Industrial Average fell 179.09 points, or 0.36%, to 48,892.47, the S&P 500 lost 29.98 points, or 0.43%, to 6,939.03, and the Nasdaq Composite lost 223.30 points, or 0.94%, to 23,461.82.

The rate-sensitive Russell 2000 small-cap index has recently outperformed large-cap indexes, but it lagged Friday with a 1.6% loss for the day.

Over the past 48 hours, more than $7 trillion has been wiped from the precious metals market. Silver is down 29% and has fallen to around $85 an ounce, while gold is down 8.15% to trade at $4,893.2 an ounce.

Amid these bearish trends, can Solana price continue to soar after such a positive gain on the last day?

Technical analysis of SOL price indicates sustained decline

Solana price is trading between an intraday low of around $114.83 and a high of $118.61, just inside the highlighted neckline of the double top pattern, which in most cases acts as a bearish sign.

Bearish sentiment continues as the GROUND price is trading well below the 50-day simple moving average (SMA) on the weekly chart, but is held above support at $113 by the 200-day SMA, now at $103.91. ‘

Meanwhile, Solana’s Relative Strength Index (RSI) is still down on the weekly time frame, currently at 36.57 and still falling, showing that the bears are still in control in the long term.

The 200-day SMA now acts as a long-term cushion against downward pressure. If the bears manage to break through this support zone, the SOL price could fall even further.

Technical data now indicates a continued decline as the market faces continued volatility. If this support is breached, Solana faces a risk of falling to the August 2023 resistance zone around $47.3.

On the upside, the 50-day SMA at $160.77 is the next key resistance and target. Historically, buyers have used the $113 support to stage a rally. If buyers intervene at this level and break above the 50-day SMA, the next key objective will be the $229 level on the upside.

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