Solana (SOL) has dropped to $127.82, marking a nearly 4% decline in the past 24 hours, as the cryptocurrency market faces significant liquidations. The downturn follows a broader altcoin weakness and a wave of liquidations in the derivatives market, with CoinGlass reporting nearly $390 million in crypto positions liquidated, $348 million of which were long positions. The selloff intensified as SOL breached its 20-day and 50-day exponential moving averages, with trading volume surging during the decline. Despite strong fundamentals, including $15 billion in stablecoins circulating within the network, technical indicators suggest growing uncertainty. Analysts are divided on SOL's outlook, with some predicting a potential rebound to $160, while others warn of a possible slide to $122 or lower. The $128-$130 range remains a critical support zone, with a sustained break potentially signaling a longer-term downtrend.