Solana (SOL) fell 5.8% over 24 hours, sliding from around $139 to $131 on trading volume of $6.7 billion. The decline outpaced the broader crypto market, with Bitcoin down 2.4% and Ethereum 3.4%, while over $514 million in leveraged SOL positions were liquidated.
The drop followed the Fed’s 25 basis point rate cut.
Although expected, Chair Jerome Powell signaled slower future cuts, prompting traders to reduce risk in futures and options. Bitcoin’s failure to sustain a breakout above $94,500 pulled large-cap altcoins like SOL lower.
Bullish catalysts remain. Invesco Galaxy filed its final Form 8-A for a Solana ETF (QSOL) expected to trade on Cboe BZX next week. SOL ETFs saw $16.5 million in net inflows in a single session, part of a $655 million streak earlier this week.
Whales also accumulated, with a wallet withdrawing 200,001 SOL into private custody, signaling long-term positioning. Social sentiment stayed mildly bullish, focused on ETFs and DeFi activity.
However, Solana’s market structure is fragile. On-chain indicators show more losses than gains, order books are thin, and futures open interest remains elevated. About $15.6 million in SOL contracts liquidated in 24 hours, with nearly $500 million in longs at risk if SOL retests the $129 range. T
he pullback was driven by macro conditions and Bitcoin, not network issues.
Solana’s 5–6% decline reflects the behavior of a high-beta asset digesting gains. ETF momentum and whale accumulation remain intact, and a breakout above $145 could trigger the next leg higher.
