SOL Token Drops 8.7% as $300M Long Liquidations Shake Market, Key Support Levels Tested

Solana (SOLUSDT) experienced a notable price decline of 8.70% over the past 24 hours, with the current price at $186.45 on Binance, down from a 24h open of $204.22. This drop is primarily attributed to over $300 million in long liquidations affecting approximately 130,000 traders, which increased selling pressure and volatility. Additional factors include a recent dip from highs near $213, heightened trading activity, and technical uncertainty as traders watch key support levels around $195 and resistance at $200. Despite the decline, Solana remains highly active, with a 24-hour trading volume of $1.68 billion on Binance and a circulating supply of about 540 million SOL, ranking #6 by market capitalization.