Solana’s SOL Plunges 8.3% Amid Heavy Selling Following U.S. Strikes on Iran
Solana’s SOL token tumbled to $128.82 as intense selling pressure mounted after the U.S. launched airstrikes on Iranian nuclear facilities, sparking broad market unease.
Over the last 24 hours, SOL declined sharply by 8.33%, falling from $140.39 to $127.25. The steepest drop occurred during the 13:00 hour, when heavy volume — exceeding 4 million tokens — accompanied a swift price slide from $133.58 to $128.82, according to CoinDesk Research’s technical analysis.
The sell-off was driven by fears that the U.S. strikes could lead to the closure of the Strait of Hormuz, a crucial oil shipping route. Such a disruption threatens to send oil prices soaring, heightening inflation risks and dampening prospects for Federal Reserve rate cuts. This environment has triggered risk-off sentiment, which historically favors bitcoin over altcoins like SOL.
Technically, SOL broke below key support levels, including the 200-day simple moving average near $149.54. Price action formed a descending channel with lower highs and lower lows, signaling bearish momentum. Traders are now eyeing the $120–$125 range as a potential support zone.
Technical Highlights
- SOL lost 8.1%, dropping from $140.39 to $129.02, a decline of $11.37.
- The intraday range spanned 10.2%, from a high of $141.14 to a low of $126.85.
- The largest hourly decline was at 13:00, with a volume spike above 4 million tokens.
- A descending channel pattern confirmed ongoing bearish pressure.
- Resistance levels formed near $133.80, limiting rebound attempts.
- Support was observed around $127.43, with a new intraday floor near $128.90.
- A surge in volume between 15:25 and 15:27 pushed SOL below $129.30, prolonging the downtrend.
- Late trading saw price oscillate between $130.42 and $128.85 amid continued selling.
- Efforts to rally near $130.05 repeatedly faltered as selling intensified.
- Heavy supply concentration near $130.20 reinforced short-term bearish sentiment.
