TLDR
- SOL has declined 72% from its all-time high of $295 and is now trading around $78
- Spot SOL ETFs have experienced minimal outflows ($11.3M) compared to Bitcoin and Ethereum ETFs, which recorded four consecutive months of negative flows
- Solana led in DEX volume over the past 30 days with $108 billion, surpassing Ethereum’s $63.7 billion
- Key support levels, identified via a Parallel Channel pattern, are at $50, $22, and $10
- The Israel-Iran conflict sparked a broader crypto sell-off, pushing Bitcoin toward $60,000 and placing pressure on altcoins like SOL
Solana’s SOL token is currently trading at $78, marking a 72% drop from its all-time high of $295. This decline occurs amid a broader cryptocurrency market downturn, with geopolitical tensions adding fresh pressure on February 28, 2026.
Israel conducted a strike against Iran on Saturday morning local time, with U.S. participation, according to AP sources. Bitcoin dropped nearly 5% within minutes, sliding toward $60,000, and the sell-off impacted altcoins including SOL.
BREAKING: Bitcoin falls below $64,000 as Israel launches strikes on Iran.
Over $100 million worth of levered longs have been liquidated in 15 minutes.
— The Kobeissi Letter (@KobeissiLetter)
Despite the price drop, Solana’s network metrics remain strong. Over the past 30 days, Solana processed $108 billion in DEX volume, outpacing Ethereum’s $63.7 billion and Base’s $31.48 billion.
In the last 24 hours, Solana generated $3.1 million in app revenue compared to Ethereum’s $2.95 million. Active addresses on Solana stood at 2.17 million, versus Ethereum’s 682,236.
Solana’s real-world asset (RWA) sector has reached an all-time high of $1.71 billion, up 45% over 30 days.
SOL ETF Flows Hold Steady
Spot SOL ETFs launched in late October 2025, drawing over $100 million in average net inflows during their first five weeks. Weekly inflows have since slowed to $20–$25 million as the price has declined.
Cumulative outflows during the four-month drawdown total just $11.3 million over two weeks. Bitcoin and Ethereum ETFs, conversely, recorded four consecutive months of negative flows in the same period.
SOL is currently trading well below the $188 level seen at the time of its ETF launch.
Key Support Levels to Watch
Analyst Ali Martinez noted a Parallel Channel forming on SOL’s weekly chart. Based on this pattern, support levels are at $50.22, $22.47, and $9.98.
If momentum weakens, these are the next major support levels for Solana :
• $50.22
• $22.47
• $9.98— Ali Charts (@alicharts)
Analyst Crypto Scient identified two additional areas. The first is the 0.75 Fibonacci retracement zone between $60 and $70. The second is a weekly demand fair value gap between $22 and $29.
UTXO data from Glassnode shows over 6% of SOL supply last moved within the current price cluster. The next major concentration of supply, above 3%, lies between $20 and $30.
SOL is currently trading below the weekly resistance level of $120. The $51 to $80 zone on the weekly chart has been tested and aligns with the retracement pocket analysts are monitoring.
On February 28, 2026, SOL was trading at $78 as markets reacted to the Israel-Iran conflict.
