Solana (SOL) experienced a sharp sell-off during a high-volume trading session, pushing its price below the crucial $172 support level and marking a significant break from its previously steady $177 range.
The broader cryptocurrency market is feeling pressure amid growing concerns over global economic uncertainty and escalating geopolitical tensions, prompting institutional investors to reduce risk exposure and liquidate digital assets like SOL.
Despite this price correction, Solana’s ecosystem continues to show promise, highlighted by R3’s recent strategic decision to integrate with Solana’s blockchain, signaling sustained institutional confidence in the platform’s potential for real-world asset tokenization.
Technical Analysis Overview:
- SOL’s price slid approximately 4.5%, moving from the stable $177 zone down to support near $170.41.
- A notable surge in trading volume hit 1.26 million units during the midnight hour, coinciding with the dip below $172.
- Key support has been established between $170.67 and $171.66 and has remained intact so far.
- The price made an attempt to bounce back toward the $174 resistance level but faced selling pressure.
- Over the last hour, SOL declined from $172.93 to $172.00.
- A sharp drop occurred around 08:00, briefly touching a low of $171.92 before a slight recovery.
- Minute-by-minute volume spiked to 29,372 units during this decline, indicating significant institutional sell orders.
- Temporary support zones between $171.80 and $171.85 were observed around 07:30 to 07:31.
- A local recovery peak reached $172.35 at 07:36 during an attempted rebound.
- Currently, SOL continues to consolidate just above the $172 support mark.
