Solana’s SOL Drops 8% Amid Rising Geopolitical Tensions

Solana (SOL) Update

Solana (SOL) is trading at $128.82, down 8.33% in the last 24 hours due to rising geopolitical tensions. The price fell from $140.39 to $127.25, with the most significant drop occurring at 13:00 as sell pressure surged, resulting in a trading volume exceeding 4 million.

The decline followed reports of U.S. military strikes on Iranian nuclear sites, causing risk aversion across crypto markets. Concerns about potential closure of the Strait of Hormuz could lead to increased oil prices, impacting inflation and delaying Fed rate cuts, which may prolong the current risk-off environment affecting cryptocurrencies.

SOL broke below key technical levels, including the 200-day simple moving average near $149.54. The market showed signs of weakening structure, with a focus on the $120–$125 support zone.

Technical Analysis Highlights

SOL declined 8.1% from $140.39 to $129.02, totaling an $11.37 drop.
The price range for the session was $141.14 to $126.85, marking a 10.2% intraday swing.
The largest hourly drop occurred at 13:00, with a fall from $133.58 to $128.82 on a volume of 4.03M.
A descending channel formed, indicating bearish momentum with lower highs and lows.
Key resistance was identified at $133.80, limiting several rebound efforts.
Initial support appeared at $127.43, while a new floor was established at $128.90.
A volume spike from 15:25 to 15:27 pushed the price below $129.30 during a continued sell-off.
Late-session trading showed SOL fluctuating between $130.42 and $128.85 amid persistent sell pressure.
Recovery attempts near $130.05 failed as volume increased with each rejection.
Supply concentration was noted near $130.20, reinforcing short-term bearish sentiment.