Solana price slips below $220, is deeper pullback comping?

Solana price faces renewed pressure as its recent surge gives way to a sharp pullback, testing the strength of the rally.

Solana’s recent rally has cooled. The token slid as low as $213 earlier today, before recovering to trade around $218 at press time per data from coingecko. SOL had climbed past $250 last week, its highest level in months, but momentum faded as selling pressure spread across the market.

The pullback comes even as institutional interest in Solana (SOL) continues to build. Several corporate entities have been steadily accumulating SOL in recent weeks, but that buying has done little to offset the immediate impact of profit-taking and risk-off sentiment across digital markets.

Solana’s latest drop is, however, not isolated and mirrors a broader slide in crypto prices triggered by macro concerns and a wave of leveraged liquidations. Bitcoin (BTC), Ethereum (ETH), and other large-cap tokens have also experienced similar declines, adding pressure across the board.

The token is now down about 7% on the week but still holding a modest 5% gain for the month. With the broader market under pressure, all eyes are on whether SOL can stay above key support or if more downside is coming.

Solana price outlook

Solana faces a new headwind this week with a token unlock of over 500K SOL, worth roughly $116 million, set to hit the market. Although the amount is only about 0.09% of SOL’s circulating supply, its timing, coming amid broader market weakness, could amplify selling pressure.

The release coincides with a broader $517 million wave of token unlocks across projects such as Worldcoin and Trump-linked tokens, and these clustered releases often create short-term volatility as traders reposition and liquidity spikes.

On the technical side, indicators are leaning bearish. Solana price is now below its 9-day exponential moving average (EMA), which currently sits at $230.79. That level had acted as short-term support during the rally, and losing it signals a possible shift in momentum. 

The Relative Strength Index has dropped to 48, down from above 60 earlier this week. That puts it below the neutral 50 line, indicating that bullish momentum has faded. The RSI is not yet in oversold territory, leaving room for further downside if selling pressure mounts.

SOL is testing support near the $210–$215 zone, with heavier trading volume accompanying the latest move lower. A break below this area could open the door to a deeper pullback toward the $200 level, while a bounce above $225 would be an early sign of recovery.