Solana News Yesterday: SOL Slides 3% Amid Technical Breakdown

Solana (SOL) price fell 3% over the past 24 hours, underperforming the broader crypto market. The decline followed a rejection near the 30-day simple moving average at $132.66, with SOL now trading below all major moving averages, indicating weakening short-term momentum.

Bitcoin dominance rose to 59%, driving capital rotation away from altcoins, while the Altcoin Season Index stands at 16, reflecting weak market conditions. On-chain data shows a large trader opening $18.79 million in SOL short positions, coinciding with a 45% increase in Solana derivatives volume to $3.43 billion. Negative funding rates further discouraged leveraged long positions.

Despite the recent weakness, SOL saw positive inflows last week, totaling $48.5 million, suggesting potential for recovery. Technical levels to watch include resistance at $126.8–$128.5 and support at $117.32, the 2025 swing low. A confirmed breakout above resistance could open the way to $132, while downside may persist if Bitcoin fails to hold key levels.