Global trade disputes and macroeconomic uncertainty triggered a European midnight Solana sell-off as institutional investors moved to reduce exposure to certain digital assets.
The selling-spree caused a 4.5% correction as Solana fell from $177 before finally stabilizing close to$170 later on 25 May.
The size and speed of the sell orders are significant to note. That such a large swing in the price of Solana took place implies large players (like hedge funds, asset managers, or trading firms) offloaded assets. Some 1.26m units exchanged hands during the hour or so when the price plummeted.
While Solana’s current price has found support, investors are now watching closely to see if SOL can hold key support levels between $170.67-$171.66, or if further selling is in store.
The move also shows that altcoins, like Solana, are now being directly influenced by smart-money market moves in ways that have previously driven price changes in the world’s largest crypto asset, Bitcoin.
