The price of Solana has experienced a significant drop, falling by over 19.77% in the previous week.
The price of SOL dropped to the $196 level and then saw a brief recovery. Concerns about the impact of a trade war, prompted by President Trump’s tariffs on key trading partners, have caused several of the most valuable cryptocurrencies to decline by 10% or more in the past day.
Investors are moving away from risky assets like cryptocurrencies due to the anticipated widespread effects of the tariffs on consumers, as well as the disclosure of retaliatory actions by Canada and Mexico. As a result, prices have sharply declined.
According to CoinGlass statistics, the market for cryptocurrency futures positions has seen more than $900 million in liquidations over the past 24 hours, with Bitcoin leading the way with $180 million worth of liquidations.
The bears have also had an impact on Solana (SOL). The price of Solana has dropped significantly, falling by over 19.77% in the last 7 days. As of now, SOL is trading at $202.83, down 8.21% in the past 24 hours according to data from CMC. Additionally, the trading volume has increased by 133.47%.
With Bitcoin’s price falling below $100,000, the broader market is now facing substantial profit booking from higher levels. This has also caused other prominent altcoins to decrease in price. As a result, the SOL price has dipped below the 100-day EMA. The Solana price has retraced more than 28% from its high of $294, which can be attributed to ongoing profit booking from the upward trend.
The price has dropped to the $196 level and experienced a brief recovery. If the price manages to break below the $193 level, it is likely to face further declines. In such a scenario, the key area to watch out for would be the $185 support level. However, if the price manages to surpass the $220 mark, it will likely test the $236 resistance level.
