Solana (SOL) Plunges 8% Amid Geopolitical Tensions and Technical Breakdown

Solana (SOL) is trading at $128.82, down 8.33% in the past 24 hours, following a sharp intraday correction triggered by escalating geopolitical tensions. The token fell from a high of $140.39 to as low as $127.25, with the steepest hourly drop occurring at 13:00, when sell pressure surged and volume spiked over 4 million, according to CoinDesk Research.

The market downturn followed confirmed U.S. military strikes on Iranian nuclear facilities, which fueled global risk aversion. Fears of a potential closure of the Strait of Hormuz have added to investor concerns, with many warning that rising oil prices could delay Federal Reserve interest rate cuts and extend the current risk-off sentiment across crypto markets. In such environments, Bitcoin typically gains dominance, leaving altcoins like Solana more vulnerable.

Technically, SOL’s drop below its 200-day simple moving average near $149.54 confirms bearish momentum. Throughout the session, the token formed a descending channel marked by lower highs and lower lows. Attempts to rebound around the $130 level repeatedly failed, with resistance forming near $133.80 and significant supply pressure observed at $130.20. Intraday lows hit $126.85, and short-term support is now being watched in the $120–$125 range.

Volume surged during each rejection attempt, highlighting persistent selling. Key trading action included a 10.2% swing from $141.14 to $126.85 and a critical drop from $133.58 to $128.82 at peak volume. With bearish signals dominating both technical indicators and market sentiment, traders remain cautious, watching for further downside or a potential bounce from current support zones.