Analysis: Solana price falls below the 200-day moving average, September may face a test at the $100 mark.

DeepChain TechFlow News, on September 2, according to Cointelegraph, Solana ($SOL) prices have recently shown weakness, with the second largest weekly drop since 2024 at the end of August, down 19.14%. Data shows that $SOL prices have closed below the 200-day moving average for multiple days, the first time since September 2023. Analysts point out that $SOL is currently testing a key support level at $127, and if it fails, it may further test down to $110.

In the derivatives market, open interest has risen by 20%, and the funding rate has turned negative, indicating an increase in bearish sentiment. On-chain activity-wise, DEX trading volume dropped to $7.70 billion last week, hitting a 6-month low. If the market continues to be bearish in September, $SOL may retest the demand zone of $98-104, and in the worst case scenario, it may fall below the $100 mark.