The cryptocurrency market faces renewed pressure as Solana (SOL) dropped below its stable $177 trading range, reflecting broader concerns about global economic stability.
The correction coincides with increasing geopolitical tensions that have rattled financial markets worldwide, forcing investors to reassess risk exposure across digital assets.
Despite the pullback, Solana’s ecosystem continues to expand with R3’s strategic pivot to integrate with its blockchain, signaling growing institutional interest in the platform’s capabilities for tokenizing real-world assets.
Technical Analysis Highlights
- SOL price dropped from stable $177 range to find support at $170.41, representing a 4.5% correction.
- Dramatic volume spike to 1.26M occurred during midnight hour when prices fell below $172.
- Support levels established at $170.67-$171.66 have held thus far.
- Price attempted recovery toward $174 level before facing resistance.
- In the last hour, SOL declined from $172.93 to $172.00.
- Significant price drop occurred at 08:00, briefly touching $171.92 before recovering.
- Volume spiked to 29,372 units during this minute, suggesting institutional selling pressure.
- Temporary support found at $171.80-$171.85 range around 07:30-07:31.
- Local high of $172.35 reached at 07:36 during recovery attempt.
- Price continues to consolidate near $172 support level.
External References
- “Solana (SOL) Price Flexes Bullish Momentum, Analysts Eye Major Breakout Beyond $250”, Coin Edition, published May 23, 2025.
- “Can Solana Break the $180 Resistance? Here’s What SOL Price Will Be Worth in 2025!”, CoinPedia, published May 24, 2025.
- “Solana MACD Curling Up – Is This The Prelude To A Breakout?”, NewsBTC, published May 24, 2025.