Solana (SOL): The Ultimate Test for High Beta Assets Under Geopolitical Shock

Recently, SOL has experienced significant selling pressure, with the price briefly dropping below the $80 mark, a substantial decline from its previous highs. In the past 24 hours, SOL has fallen by 5.4%, breaking below $80, then rebounding slightly, currently trading around $80.43. Over the past week, it has declined approximately 3.89%. From a technical perspective, SOL broke below an upward trendline (which previously provided support at $81.50 on the hourly chart), with a daily low of $78.30. It is now testing the support zone around $80. Resistance is at $87.65. If this level is broken, the next targets are $97.56 and $106.95. Analysts expect a short-term range of $78 to $84, with downside risks still present.

The main catalyst for this round of sell-off is geopolitical developments—Trump's threat to impose "extremely severe" strikes on Iran in the coming weeks has triggered risk-averse sentiment across the entire crypto market, with SOL as a high-beta asset bearing the brunt. Meanwhile, on April 2, Trump again incited countries needing to access oil through the Strait of Hormuz to "go and grab the oil," even claiming that the Strait would "naturally open" once the Iran conflict ends. These extreme remarks have further amplified market volatility. In the medium to long term, Solana remains a leader among high-performance blockchains, supported by institutional interest and ongoing network upgrades, but short-term geopolitical risks continue to be the main factor suppressing prices.

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