Solana's SOL token fell 8.33% to $128.82 amid heightened geopolitical tensions following confirmed U.S. military strikes against Iran. The token hit a low of $127.25 during a heavy trading volume of over 4 million by 13:00, which marked a peak in panic selling. Analysts suggest that rising oil prices due to possible conflicts in the Strait of Hormuz could further stoke inflationary concerns and diminish prospects for near-term Federal Reserve rate cuts, contributing to a continued risk-off sentiment in crypto markets. This situation led to significant price declines in altcoins, with a historical tendency for Bitcoin dominance to rise in such turmoil. Technically, SOL's drop indicates a break below critical levels, including its 200-day moving average of $149.54, as the market shows bearish patterns, with traders monitoring the $120–$125 range for potential support.

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