Overview

• Solana dropped to an intraday low near $217 after losing the $225 pivot, with the pair now below the 100‑hour simple moving average and an hourly trendline break on Kraken data.
• Recovery attempts face resistance at $222–$230, then $238, with a decisive close back above $230 needed to steady the setup.
• Immediate support sits at $218 and $212, and traders are watching the $210–$214 rotation zone that has previously attracted dip buyers.
• On‑chain trackers reported more than 408,000 SOL withdrawn from Coinbase during the pullback, an action some interpret as accumulation by large holders.
• Derivatives markets saw broad long liquidations, including roughly $40 million in SOL longs, which amplified downside pressure in spot trading.