Solana Slumps on Geopolitical Risks and Bitcoin Rotation
The crypto market plunged $240 billion as Israel–Iran tensions spurred heavy selling. Bitcoin fell 2% to $103,127 and Ethereum dropped 10% to $2,456, with whales offloading over $900 million in mid-term BTC positions. Leverage liquidations wiped $503 million across exchanges (including $183 million in ETH), impacting 134,000 traders. Solana tumbled 3.4%, hitting resistance at the 50-day SMA ($160.65) and the 78.6% Fibonacci level ($147.38); next support lies at $136.51. Bitcoin dominance rose to 64.24% and the Altcoin Season Index sits at 19/100, signaling “Bitcoin Season.” SOL’s 30-day correlation with BTC hit 0.89, amplifying its moves. Traders should monitor key supports, apply risk management, and track geopolitical developments and Bitcoin trends.
Bearish
The combined reports highlight sustained selling pressure across major assets (BTC, ETH, SOL) driven by geopolitical fears and profit-taking. Significant liquidations and technical reversals on Solana confirm bearish momentum in both the short and medium term. Rising Bitcoin dominance and a low Altcoin Season Index further suggest capital rotation into BTC, weighing on altcoin performance. Traders are likely to remain cautious, focusing on support levels and risk controls until geopolitical clarity returns.