SOL Token Drops 9.33% as $32.48M in Liquidations Hit Amid Market Volatility and Geopolitical Risks

Solana (SOL) experienced a significant price decline of 9.33% over the past 24 hours, falling from $140.31 to $127.22 according to Binance data. This drop is primarily attributed to over $32.48 million in liquidations, mostly from long positions, amid heightened market volatility and increased derivatives activity. Broader macroeconomic and geopolitical risks, including heightened tensions involving the U.S. and Iran, have contributed to increased risk aversion across the crypto market, further pressuring SOL’s price. Despite the recent downturn, Solana’s network fundamentals remain strong, with continued growth in DeFi and stablecoin activity, and the token maintains a substantial market capitalization. However, the breach of the $140 support level and declining open interest signal caution among traders as June progresses.