Solana saw a short, sharp intraday drop but recovered most of the losses quickly, continuing on its slow and steady upwards path. In the past 24 hours, SOL price moved from a high of $247.92 to a low of $232.07 (a 6.39% intraday fall) and closed the day around $236.18, reclaiming roughly 26% of the loss.
Over the past month, SOL rose from $192.63 to $236.18, a gain of about 22.6%. The 30-day high was $248.68 on Sep. 14, and the low was $176.22 on Aug. 19, with a maximum drawdown of roughly 12.4% inside the period. That shows the recent dip is a setback inside a clear up-leg rather than any kind of meaningful structural reversal.
The Fed’s upcoming rate decision and the positioning ahead of the expected cuts have made the entire crypto market more reactive, including altcoins. At the same time, traders are carefully monitoring scheduled token unlocks as potential short-term supply shock events.
Even small intraday price moves tend to cause outsized reactions in these circumstances, which is most likely why we saw such a sharp intraday swing.
Buyers defended the $232 area and pushed the price back toward $236, which keeps the path of least resistance for bulls intact so long as $232 holds. If bids persist and SOL reclaims the $242-$248 range, the market can reasonably target the recent 30-day peak.
If selling resumes and breaks below $232, the previous 30-day low near $176 will become the next reference for larger corrective risk. The partial bounce we saw, where SOL reclaimed about one quarter of the intraday drop, is a sign of buying interest but not yet a confirmation of renewed momentum.
Source: https://cryptoslate.com/insights/solana-dips-6-5-then-trims-losses-to-236/