Solana Price Analysis: Sell-Off Deepens as Percolator Fears Stir DeFi Liquidity Concerns

Solana’s price has come under renewed pressure as traders weigh the short-term risks of liquidity fragmentation within the network’s decentralized finance ecosystem. While the forthcoming Percolator perpetual DEX is widely viewed as a long-term bullish development, it has triggered concerns about near-term displacement of capital across existing Solana protocols.

Liquidity Rotations Pressure DeFi Valuations

Data from DeFiLlama show Aster’s total value locked (TVL) fell $326 million (–15%) over the past week as users anticipate a migration to Percolator once it launches. The decline has amplified worries that Solana’s internal competition could cannibalize existing DeFi activity, rather than attract fresh liquidity.

That shift coincides with broader market weakness, adding pressure to Solana’s native token.

Technical Breakdown Accelerates

Source: coinmarketcap

Solana’s price action has turned decisively bearish. SOL broke below its 7-day simple moving average at $187.37 and its 30-day SMA at $207.19, signaling a loss of short-term momentum. The MACD line (–8.65) continues to trend below its signal line (–6.86), reinforcing bearish divergence, while the 14-day RSI at 40.96 sits in neutral-bearish territory, leaving room for additional downside.

The breakdown below $187 triggered stop-loss cascades and algorithmic selling, pushing intraday volume up 38% to $8.43 billion. The move transformed the 23.6% Fibonacci retracement at $222.27 — once a mid-range support — into an immediate resistance level.

SOL Key Level: 200-Day SMA at $175

The 200-day simple moving average at $175.32 now marks a critical inflection point for Solana’s trend structure. A sustained close below this level could extend losses by another 8–10%, targeting the $160–$165 zone, which aligns with the previous consolidation range from early September.

For traders, that threshold represents the dividing line between a routine retracement and a more meaningful trend reversal.

Structural Bullish Case Intact, But Near-Term Risks Persist

Despite the short-term weakness, Solana’s long-term outlook remains supported by core network innovation and rising developer activity. The upcoming integration of Percolator into the base layer could, over time, expand trading volumes and reinforce Solana’s positioning as a high-performance DeFi hub.

However, the transition period may prove volatile, as liquidity rotates and speculative capital reacts to uncertainty around timing and implementation. In the immediate term, technical indicators point to continued caution until SOL can reclaim the $187–$190 region and establish support above the 30-day SMA.

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Bottom Line

Solana’s fundamentals remain strong, but short-term market structure has weakened amid fears that Percolator could fragment liquidity before stabilizing it. A decisive move below $175 would likely invite deeper selling, while recovery above $190 could restore short-term confidence.

 

 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice