Solana's native token, SOL, is trading at around $128.82 after a significant drop of 8.33% in the last 24 hours, following heightened geopolitical tensions. The price fell sharply from $140.39 to $127.25, experiencing the most intense sell-off at 13:00, when trading volume surged past 4 million, as noted by CoinDesk Research.
The decline coincided with reports of U.S. military strikes on Iranian nuclear sites, triggering a wave of risk aversion across financial markets, including cryptocurrencies. With worries that a closure of the Strait of Hormuz might lead to soaring oil prices, fears of prolonged inflation and a potential delay in Federal Reserve rate cuts have increased, contributing to a bearish outlook for crypto.
Technical analysis reveals SOL broke below critical levels such as the 200-day simple moving average at approximately $149.54. The price has shown lower highs consistently, indicating a weak market structure, and traders are now monitoring the $120–$125 range as a potential support.
In detail, SOL's price dropped by 8.1% during this period, and the price range fluctuated between $141.14 and $126.85. Resistance levels formed at $133.80 have capped multiple rebound attempts. Initial support emerged at $127.43, while late-session movements showed SOL trading between $130.42 and $128.85 under strong sell pressure. Overall bearish sentiment remains, with increasing supply around $130.20 intensifying the negative outlook.
The decline coincided with reports of U.S. military strikes on Iranian nuclear sites, triggering a wave of risk aversion across financial markets, including cryptocurrencies. With worries that a closure of the Strait of Hormuz might lead to soaring oil prices, fears of prolonged inflation and a potential delay in Federal Reserve rate cuts have increased, contributing to a bearish outlook for crypto.
Technical analysis reveals SOL broke below critical levels such as the 200-day simple moving average at approximately $149.54. The price has shown lower highs consistently, indicating a weak market structure, and traders are now monitoring the $120–$125 range as a potential support.
In detail, SOL's price dropped by 8.1% during this period, and the price range fluctuated between $141.14 and $126.85. Resistance levels formed at $133.80 have capped multiple rebound attempts. Initial support emerged at $127.43, while late-session movements showed SOL trading between $130.42 and $128.85 under strong sell pressure. Overall bearish sentiment remains, with increasing supply around $130.20 intensifying the negative outlook.
