- Solana (SOL) has fallen more than 6% over the past 24 hours.
- With rising macroeconomic headwinds, the altcoin dropped below the $200 mark.
- That puts this week’s losses at about 13%, with Solana now testing support near $190.
Solana’s price plunged roughly 6% in the last 24 hours as crypto markets struggled to hold gains.
Those losses pushed the token below the psychologically important $200 threshold, erasing much of the rally that lifted SOL toward $240 earlier this month.
The sharp decline follows a difficult week for the token, which has now lost more than 13% overall.
As shown below, the retracement has left Solana teetering on the edge of a key support zone.
Elevated risk-off sentiment—fueled by a fresh escalation in U.S.-China trade tensions—has weighed on major tokens across the board.
Bitcoin has again slipped toward the $110,000 area, while Ethereum is testing the $4,000 level.
Is SOL poised to retest $150?
SOL’s price reflects the broader outlook for financial markets.
A diplomatic breakthrough or cooling of trade tensions could act as a catalyst to restore confidence and halt the slide.
For now, the token’s vulnerability is clear. SOL is testing daily support around $190 — a zone that has shown some resilience in recent sessions but remains fragile.
A break below this level could trigger another leg down and prompt a retest of $170, the low reached when SOL dropped from $222 last week.
If selling pressure intensifies, even that buffer could fail, raising the risk of a further drop toward $150.
Daily technical indicators such as RSI and MACD currently favor bears, amplifying downside risk.
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What could help Solana bulls?
There are, however, a few developments that could support a recovery.
After Fed Chair Jerome Powell made dovish remarks, the Crypto Fear & Greed Index moved modestly from “Extreme Fear” to a milder “Fear,” offering a small lift to sentiment.
Powell’s comments suggested the possibility of two rate cuts later this year—news typically viewed as positive for risk assets, including cryptocurrencies.
Lower rates can ease borrowing costs, stimulate economic activity, and potentially channel fresh liquidity into digital assets.
Historically, the fourth quarter has tended to be the strongest period for crypto, and seasonal tailwinds could help cushion SOL’s downside if global trade tensions ease.
Growing expectations that a spot exchange-traded fund (ETF) might gain approval have also bolstered optimism.
Many market participants anticipate such approval could unlock billions in institutional capital, validate Solana’s maturing ecosystem, and provide more structural bid support for prices.
A sustained move back above $200 would weaken the current bearish case.
Should that occur, bullish momentum could drive SOL toward resistance zones around $280 and $300.