SOL Token Slides 3% on Binance Amid High Volume and Key Support Test Near $123

Solana (SOLUSDT) experienced a 3.06% decline in the last 24 hours, dropping from 125.49 to 121.65 on Binance. This price movement is attributed to ongoing tight volatility around key support levels, notably near $123, and recent leveraged trading activity, including a $24,177 long liquidation. While network upgrades and bullish technical signals, such as a divergence and engulfing pattern earlier in the week, previously supported upward momentum, market sentiment has shifted to risk-off with capital flows favoring Bitcoin and a slight decrease in trading volumes.

Solana currently trades at 121.65 on Binance, with robust 24-hour volume at approximately $3.47 billion and a market cap near $69.87 billion, consolidating within a range of $121–$127 as overall activity remains high.