Solana (SOL) price has slipped below the $220 mark, testing key support levels after a recent rally that saw it surpass $250 last week. As of press time, SOL traded around $218, down from highs above $250, with the token sliding as low as $213 earlier in the day. This decline occurs despite ongoing institutional buying interest, which has failed to counter immediate profit-taking and risk-off sentiment.
An upcoming token unlock of over 500,000 SOL, worth approximately $116 million, is set to hit the market this week. While this amount represents only about 0.09% of SOL's circulating supply, its timing amid broader market weakness could amplify selling pressure. The unlock is part of a larger $517 million wave across various projects, including Worldcoin and Trump-linked tokens, often leading to short-term volatility.
Technically, indicators are leaning bearish. SOL is now below its 9-day exponential moving average (EMA) at $230.79, a level that previously acted as support. The Relative Strength Index (RSI) has dropped to 48, below the neutral 50 line, indicating faded bullish momentum and room for further downside if selling persists. Key support lies in the $210–$215 zone; a break below could target $200, while a bounce above $225 might signal recovery.
The pullback mirrors broader crypto market declines, with Bitcoin (BTC) and Ethereum (ETH) also facing pressure due to macro concerns and leveraged liquidations. SOL is down about 7% on the week but still holds a modest 5% monthly gain. Traders are watching whether SOL can maintain support or if deeper losses are imminent, with technical analysis suggesting potential moves toward $200 or a rebound to $230 depending on market dynamics.