Solana (SOL) has slumped 12% in 48 hours, dragged lower by a wave of liquidations and fading on-chain demand. The token touched a two-week low near $213, with traders now eyeing the $200–$220 support zone as critical for short-term direction.
Data from Coinglass shows over $112 million in leveraged long positions were liquidated in two days, erasing bullish bets and cooling sentiment. The cascade pushed perpetual futures funding rates to neutral levels, a sign that traders are unwilling to back aggressive upside moves.
The price pressure coincides with a drop in Solana’s on-chain engagement. Figures from Artemis indicate daily active addresses fell 28% over the past week, while network fees declined 15%.
In comparison, Ethereum posted a 28% rise in fees, suggesting stronger demand from developers and users despite broader market volatility.
Adding to the downside, large investors moved more than $836 million worth of SOL to major exchanges including Binance and Coinbase, according to blockchain tracking platforms.
Such transfers are often interpreted as preparation for selling, amplifying short-term market pressure.
With SOL hovering just above $213, traders are closely monitoring the $200 threshold. A break below could expose $184 as the next technical support.
However, some analysts believe a flush toward $200 could serve as a reset, clearing weaker positions and setting the stage for a rebound toward $260 if sentiment stabilizes.
Torbay, Canada, 8th January 2026, ZEX PR WIRE, Kirk Kendall is a mechanical engineer and project management…
Hungary’s crypto market is shrinking again as more platforms pull back under a national rule…
Barclays invests in Ubyx for stablecoin clearing Barclays has taken a stake in Ubyx, a…
Daily integrations pledge aims for top 3 status In an early 2026 social post captured…
Record stablecoin transfer activity on Ethereum The Ethereum network processed a record volume of stablecoin…
To Debut Regional Growth and Advanced Capabilities at GISEC Global 2026 Dubai, UAE, 2nd January…