Solana Price Plummets as Key Support Level is Broken

Despite posting a 2.65% daily gain, Solana remains under pressure due to ongoing geopolitical tensions and technical breakdowns.

The altcoin broke below its multi-year support level at $76.25, leaving investors watching on-chain activity for additional clues.

Recent unstaking events from defunct FTX and Alameda Research have added to concerns about additional SOL entering circulation.

Derivatives traders remain cautious, with a growing preference for short positions, which could indicate further downside risk.