Overview
- Solana fell to about $68 before recovering near $80 on Feb. 5–6, marking a sharp extension of recent losses.
- Technical analysts say the break below the ~$105 neckline confirms a trend reversal, with initial targets flagged in the low $40s.
- Market positioning remains negative, with declining open interest, negative funding rates, and U.S. Solana ETFs drawing under $9 million per day.
- On-chain activity stays robust, including roughly 148 million transactions on Jan. 30 and about $230 million in tokenized stocks, with efforts from WisdomTree and GustoHQ noted.
- Standard Chartered trimmed near-term expectations but kept a long-term projection that SOL could reach $2,000 by 2030.