January 26 News, Solana experienced a strong surge of over 20% at the beginning of 2026, but the bullish momentum clearly weakened on January 25. As the price failed to break back above the $145 resistance level, SOL quickly retreated by approximately 16% and fell to around $126. The weakening of the technical structure has caused short-term market sentiment to turn cautious, with some funds beginning to reassess the risk of Solana’s price movement.
From a derivatives perspective, the liquidation heatmap shows clear liquidation clusters forming between $123 and $126, as well as above $130. This indicates that prices in these zones are more susceptible to liquidity shocks. If the rebound falters near $130, potential selling pressure could trigger a new downward wave. Below, the $117 to $119 range is seen as a critical support level for SOL. If this support is broken, Solana’s price could retreat to the $95 to $98 zone, which is also a key focus for many investors searching for “Solana support level analysis.”
Data from CoinGlass shows that Solana’s open interest has risen from about $6.6 billion at the end of December last year to over $8.8 billion in January, even as the price continued to weaken. This divergence is often interpreted as a sign of increasing short positions and growing market bearishness. Rising open interest while prices fall suggests that leveraged funds are more inclined to bet on further declines in SOL rather than a new rally.
Notably, contrasting with the weak price action is the staking activity on the Solana network. Currently, the staking ratio has risen to about 70%, with a locked value exceeding $60 billion, reaching a record high. This indicates that many long-term holders are choosing to continue locking their tokens rather than selling during the decline. For many investors paying attention to the “Solana fundamentals” and “SOL long-term value,” this is seen as an important signal that network confidence remains solid.
In the short term, if SOL cannot recover above $145, the rebound potential will be limited; however, if the $118 to $119 zone holds, combined with the supply contraction caused by high staking rates, Solana still has the possibility of a rebound. The market is currently at a critical juncture of bulls and bears, with $126 becoming the key price level to determine SOL’s next direction.
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