Key takeaways
- SOL is the weakest performer among the top 10 cryptocurrencies today, falling 3.5% over the last 24 hours.
- Its recent downturn is linked to the suspension of Pump.fun’s account on X and broader market pressure from the ongoing conflict in the Middle East.
Crypto market still reeling from the Middle East crisis
Cryptocurrency markets have turned bearish amid heightened geopolitical tensions between Iran and Israel. Bitcoin, the largest cryptocurrency by market capitalization, has declined about 3.4% over the past seven days and is at risk of slipping under $105,000. At the time of writing, the price of Bitcoin stands at $105,688 per coin.
This broader risk-off sentiment has pushed the total cryptocurrency market capitalization below $3.3 trillion as investors seek safety and reduce exposure to risk assets.
Solana’s native token, SOL, has been among the poorest performers within the top 10 cryptocurrencies by market cap. In addition to the market-wide headwinds, specific on-chain and social catalysts have weighed more heavily on SOL.
SOL dips to $150 after Pump.fun ban on X
SOL is trading around $150.08, down roughly 3.43% in the past 24 hours. One immediate trigger was the unexpected suspension of Pump.fun’s presence on X. Pump.fun served as a prominent memecoin launchpad on the Solana blockchain and had become a significant source of on-chain activity and speculative momentum.
X suspended the accounts of Pump.fun, its co-founder Alon Cohen, and several notable meme projects, including GMGN and ElizaOS. The removal of these accounts reduced visibility for many token launches and dampened speculative flows that had supported Solana-based memecoin issuance over recent months.
Alongside the Pump.fun suspension, the continuing conflict in the Middle East has suppressed performance across major cryptocurrencies, including Bitcoin and Solana.
SOL could test the $140 support level
With SOL hovering near $150, traders and analysts warn it could decline toward the $140 support level in the near term. Price action currently resembles a descending triangle pattern, which is typically interpreted as a bearish continuation or reversal pattern depending on broader context.
If SOL fails to find buying interest at $140, the next significant psychological support is near $110. Technical indicators such as the MACD are signaling weakening momentum, increasing the probability that $140 could give way and trigger a larger move downward toward $110.
That said, market dynamics could reverse quickly if geopolitical tensions ease. A ceasefire or de-escalation would likely shift capital out of safe-haven assets such as the U.S. Dollar and gold and back into risk assets. In that scenario, SOL could regain momentum and attempt to reclaim resistance around $170.