Solana (SOL) has plunged to its lowest price since December 2023, trading near $68 as the market witnessed over $88 million in leveraged positions being liquidated. Long positions bore the brunt, accounting for approximately 94% of the losses, with $83.53 million liquidated compared to $4.91 million in shorts, according to Coinglass data. This significant liquidation event affected 12,084 traders globally as SOL's volatility surged past 12%. The decline in Solana's price is accompanied by a drop in network activity and social interest. Daily active addresses have fallen to around 2.91 million from a peak of 5.5 million in February, indicating waning demand. Social volume has also decreased, with the latest reading near the bottom of its three-month range. The weekly chart shows SOL closing near $68.46, down almost 17% for the week, and losing key support levels, signaling weak momentum and thin conviction behind rally attempts.