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Over 24 hours, SOL dropped 8.33% to $128.82, then sunk to a low of $127.25.
With volume exceeding 4 million, panic selling reached its height during the 13:00 hour.
As the next potential support, merchants are now keeping an eye on the $120โ$125 region.
Down 8.33% over the previous 24 hours, Solana (SOL) is trading at $128.82 following a significant intraday adjustment related to worsening geopolitical concerns. With sell pressure increased and trading volume exceeding 4 million at 13:00, the sharpest hourly decrease happened on CoinDesk Research's technical analysis model from $140.39 to $127.25.
The market reaction matched reports of U.S. military assaults aimed at Iranian nuclear facilities, which caused general risk aversion across crypto markets.
Some traders are now concerned that even a brief shutdown of the Strait of Hormuz might cause oil prices to skyrocket. That will probably cause inflation to rise, lower the possibility of near-term Fed rate cuts, and extend the risk-off environment damaging bitcoin markets. Because bitcoin dominance has historically increased during times of geopolitical unrest, a straight attack on the waterway might exacerbate the altcoin sell-off.
Along with SOL's fall, there was also a break under vital technical levels including the 200-day simple moving average close at $149.54. SOL printed lower highs during the session and had difficulty keeping rebounds, indicating a decline in market structure. Traders are therefore keeping an eye on the $120โ$125 area as a possible support level given technical indicators flashing bearish and increased volume on red candles.
Technical Analysis Highlights
From $140.39 to $129.02, SOL fell 8.1% over the period under study, generating an $11.37 loss.
With an intraday swing of 10.2%, the session's broadest price range ran from $141.14 to $126.85.
At 13:00, the largest hourly drop happened; price fell from $133.58 to $128.82 on 4.03M volume.
