Overview

Solana’s cryptocurrency, SOL, has seen a decline of 8.33%, dropping to $128.82 within 24 hours. The swift selloff followed reports of U.S. military actions targeting Iran, raising geopolitical tensions that have affected the crypto market.

• Key Points:
  • SOL hit a low of $127.25 during the trading session.
  • The major downturn became apparent around 13:00, with trading volume exceeding 4 million.
  • Traders are now eyeing potential support in the $120–$125 range.

Price Movement Analysis

Currently, SOL is trading at $128.82, reflecting a steep decrease in value from $140.39 earlier in the day. Various technical analysis tools indicate that this drop correlates with increasing risk aversion resulting from international news.

Market Concerns

Traders are apprehensive about the possibility of a temporary closure of the Strait of Hormuz, which could result in soaring oil prices, thereby heightening inflationary pressures and complicating Federal Reserve rate cut predictions.

Technical Analysis Highlights:

• A detailed analysis highlights a drastic drop of 8.1% from $140.39 during the trading period.
• The most volatile part of the session occurred at the 13:00 mark, where the price swiftly fell from $133.58 to $128.82.

Disclaimer

Parts of this article have been generated using AI tools and have been reviewed to ensure accuracy.