Solana Plunges 8.3% on Heavy Volume Following U.S. Military Strikes on Iran

Solana (SOL) tumbled to $128.82 amid heavy trading volume after a sharp sell-off triggered by confirmed U.S. military action against Iranian nuclear sites.

SOL declined 8.33% over the past 24 hours, dropping from $140.39 to $127.25. The steepest hourly fall occurred at 13:00, when sell pressure surged and volume topped 4 million, according to CoinDesk Research’s technical analysis.

The sell-off followed news of U.S. airstrikes on Iran, sparking broad risk aversion across cryptocurrency markets. Traders fear that a possible closure of the Strait of Hormuz could send oil prices soaring, fueling inflation, diminishing prospects for near-term Federal Reserve rate cuts, and extending the risk-off sentiment that has pressured crypto assets. Historically, bitcoin dominance tends to rise during geopolitical crises, often at the expense of altcoins like SOL.

Technically, SOL broke below key support levels, including the 200-day simple moving average near $149.54. The price formed lower highs and struggled to hold rebounds throughout the session, indicating weakening market structure. With bearish signals from increased volume on downward moves, traders are now eyeing the $120–$125 range as a potential support zone.

Technical Analysis Summary

• SOL fell 8.1%, from $140.39 to $129.02, losing $11.37 during the session.
• The price swung 10.2% intraday, ranging between $141.14 and $126.85.
• The largest hourly drop was at 13:00, with SOL falling from $133.58 to $128.82 on 4.03 million volume.
• A descending channel pattern emerged, characterized by lower highs and lower lows, confirming bearish momentum.
• Resistance formed near $133.80, capping several rebound attempts.
• Support was seen around $127.43, with a new intraday floor near $128.90.
• A volume spike between 15:25 and 15:27 pushed SOL below $129.30, continuing the sell-off.
• Late trading saw SOL fluctuate between $130.42 and $128.85 amid persistent selling pressure.
• Attempts to recover near $130.05 repeatedly failed as selling volume increased.
• Heavy supply concentration near $130.20 further reinforced short-term bearish sentiment.