Solana faces a massive DDoS attack, can SOL hold the $126 support?

Recently, the Solana network was subjected to a Distributed Denial of Service (DDoS) attack, with peak traffic reaching 6Tbps, sparking market concerns over its price trend. What is a DDoS attack? Simply put, it floods the network with malicious traffic to paralyze it, causing service interruptions. Despite the massive scale of the attack, Solana’s validator nodes successfully responded, and the network continued to operate stably without confirmed outages.

However, the resilience of network technology has not prevented the token price from declining as expected. At press time, the SOL trading price repeatedly tested the key support level near $126, with a 24-hour decline of about 1%. Latest data shows SOL at $139.67, with a 24-hour increase of +2.26%, but this rebound still requires further confirmation.

Technical Defense Victory but Difficult to Reverse the Price Downtrend

This DDoS attack set a new record—billions of data packets flooded in per second, testing the limits of the Solana network. Notably, validators managed to maintain the chain’s stability, representing a qualitative leap compared to Solana’s past congestion issues. From this perspective, the network has demonstrated impressive resilience under pressure.

But on-chain data tells a different story. Open interest in futures contracts decreased by 3.6% in 24 hours to $7.04 billion, and the funding rate turned negative (around -0.0078%), meaning holding short positions incurs costs—longs are fleeing.

Can the Support Level Hold and Decide the Market Direction?

Technical analysis shows that SOL is currently hovering around $126, a level that has repeatedly served as a rebound point in November and coincides with partial support levels from June, making it significant. If the daily close falls below this level, the next target will be $107, followed by the psychological threshold of $100. If selling pressure intensifies, SOL could test the critical support around $80.

From indicators, RSI approaches 37, indicating oversold conditions but still trending downward; MACD is nearing a death cross, with increasing red bars—these all suggest increasing downside momentum. If the $126 support is broken, a large number of leveraged longs may be forced to close positions, further accelerating the decline.

Three Major Traps Traders Should Beware Of

First, do not equate network stability with a price bottom. Solana’s technical resilience is disconnected from SOL’s market performance.

Second, worsening macro conditions are the main drivers. Liquidity contraction, the overall crypto market retreating from highs, and ETF fund flow changes have a much greater impact than a single DDoS event.

Third, the real risk lies in a shift in market sentiment—from “buying on dips with strong fundamentals” to “exiting before support collapses”—this psychological reversal could trigger a chain of missed opportunities.

Key Points to Watch in the Coming Market

In the short term, traders should closely monitor three indicators: whether the $126 support can hold, when the funding rate will return to normal levels, and whether Solana can turn this stress test into a long-term milestone rather than the start of a downtrend.

Overall, the DDoS attack is just a catalyst, not the root cause. The market cooling is driven by multiple factors resonating—macro risks, liquidity pressures, and sentiment shifts. For traders, protecting the $126 support, monitoring leverage risks, and managing positions are more crucial than blindly optimistic views on network technology.