Solana’s native token SOL fell to $100.30 on Saturday, marking its lowest level since April 2025 amid a broad market unwind.
The token later recovered slightly above $102, but remained under pressure after an 18% decline over the past 30 days.
Market participants linked the move to wider weakness across altcoins, commodities, equities, and risk assets.
Silver prices collapsed by 26% on Friday, reinforcing fears of further downside across speculative markets.
More than $165 million in leveraged long SOL positions were liquidated, further weighing on sentiment.
Risk aversion intensified following rising geopolitical tensions involving Iran and renewed recession concerns.
Investor confidence weakened after Amazon announced 16,000 white-collar job cuts earlier in the week.
Concerns also emerged after reports showed OpenAI accounted for a large share of Microsoft’s Azure cloud backlog.
Additional pressure came from reports that Nvidia would no longer pursue a $100 billion investment in OpenAI.
OpenAI is expected to post net losses of $14 billion in 2026, according to industry estimates cited by media reports.