Solana (SOL) experienced a sharp downturn as institutional investors offloaded positions during a high-volume trading window, dragging the price below the pivotal $172 support level and ending a stable run near $177.
This sell-off comes amid mounting geopolitical risks and economic uncertainty, which have unsettled global markets and led crypto investors to adopt a more cautious stance.
Despite the setback in price, Solana’s ecosystem continues to gain traction. Notably, R3’s strategic move to integrate its platform with Solana’s blockchain highlights the ongoing institutional confidence in Solana’s potential, especially for tokenizing tangible assets.
Technical Summary:
- SOL’s value declined about 4.5%, slipping from the $177 range down to a support zone near $170.41.
- Trading volume surged to 1.26 million units during the midnight hour as prices dipped below $172.
- Support has formed between $170.67 and $171.66, holding up against further declines.
- Attempts to rebound toward $174 met resistance, limiting upward momentum.
- Recent price action saw SOL fall from $172.93 to $172.00 within the last hour.
- A sharp dip at 08:00 briefly reached $171.92 before recovering slightly.
- High volume of 29,372 units during this drop signals strong institutional selling pressure.
- Temporary support between $171.80 and $171.85 was observed around 07:30.
- SOL hit a short-term peak of $172.35 at 07:36 during a recovery attempt.
- The token continues to consolidate just above the $172 support level as volatility persists.
