Solana [SOL] price plummets! Is a major reversal coming?

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As of now, the price of Solana (SOL) is $197.05, down 8.68% in the past 24 hours, but up 4.31% over the week. Its 24-hour trading volume surged to $6.69 billion, indicating sustained market attention.

Price volatility and technical outlook

SOL's current market capitalization is $95.54 billion, with a circulating supply of 480 million. The price fluctuated between $193.90 and $215.98 in the last 24 hours, down about 24.9% from the historical high of $263.21 in November 2024. Technical indicators show that SOL is facing strong resistance, with the 200-day moving average ($217.96) forming a key barrier. Support is at $195.72; if it breaks below this, it may face downward pressure at $180.

Market sentiment is cautious

Coinglass data shows that sentiment in the derivatives market is mixed. Trading volume increased by 94.85%, but open interest declined, indicating a reduction in leveraged positions. Options activity also surged, with liquidation data showing significant losses for long positions.

Strong network activity continues to support the market

Solana's total value locked (TVL) is $8.79 billion, although it has decreased by 7.59% in the past 24 hours. The network remains active, recording 4.74 million active addresses and 62.43 million transactions, with continued high institutional participation, indicating that the market still holds interest in Solana.

Summary

Solana's price faces key technical support levels, market sentiment is cautious, and the future trend is full of uncertainty. Investors and traders will continue to monitor whether the price can break through current technical resistance or if it will further retrace.

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