Solana Price Drops 3.5% to $108.79 Amid Ongoing Short-Term Support Watch

Solana's price has dropped by 3.5% over the past 24 hours, settling at $108.79 as of now.

This decline brings Solana closer to its short-term support level near $107.50, and market observers are closely watching whether buyers can maintain stability or if this pullback could deepen.

The recent rebound from previous lows has broken Solana's prior bearish pattern on the higher-timeframe chart, with traders noting that buying interest is challenging the earlier downward trend.

Market participants are also keeping a close eye on Solana's network fundamentals, which have been strengthening due to a surge in stablecoin activity. Daily active stablecoin addresses on Solana reached approximately 888,000 in September, representing a 269% rise from last year.