![](\"https:\/\/coinjournal.net\/wp-content\/uploads\/2026\/03\/Solana-token.png\")
\n<\/picture> <\/div>\n- \n
- Solana price dropped 5% to near $83 on Friday.<\/li>\n
- The altcoin fell as Bitcoin and Ethereum declined to $66,500 and below $1,990, respectively.<\/li>\n
- Risk assets sank as Brent oil surged to $110 amid Iran war concerns.<\/li>\n<\/ul>\n
Solana (SOL) price has slipped more than 5% as altcoins mirror declines in Bitcoin (BTC).<\/p>\n
The downturn coincided with a dramatic surge in oil prices to $110 per barrel, fueled by geopolitical tensions in the Middle East, with President Donald Trump\u2019s announcement of a deadline extension for Iran seemingly not assuaging sellers.<\/p>\n
Iran has largely dismissed US claims that talks have shown progress.<\/p>\n
Bitcoins Solana drops to $83 amid crypto dip on oil surge<\/h2>\n
Solana\u2019s price plunged to a low of $83 during Friday\u2019s session, marking a decline of over 5% within 24 hours.<\/p>\n
This aligned with the broader crypto market\u2019s vulnerability to macroeconomic shocks, with Bitcoin sliding to below $66,500.<\/p>\n
BTC\u2019s drop below $67k marks the first time bulls have seen these levels since March 9.<\/p>\n
Losses triggered massive long liquidations across top altcoins.<\/p>\n
The sharp decline for BTC came as oil prices topped $110 despite US President Donald Trump\u2019s announcement of a 10-day extension to the deadline for Iran to open the Strait of Hormuz.<\/p>\n
Trump had paused the move to strike Iran\u2019s energy infrastructure by 5 days, but even then, the additional five days appear to have done little to soothe supply concerns.<\/p>\n
US stocks faltered as the international benchmark Brent crude futures rose 2.7% to $110.94 a barrel.<\/p>\n
Crude gains reversed earlier losses following the early March spike, which also saw BTC prices sink to support.<\/p>\n
As risk appetite got a fresh bump, Solana\u2019s trading volume spiked 13% to over $4.1 billion.<\/p>\n
The surge in intraday volume across major exchanges signals panic, as the unwinding of leveraged positions has led to significant losses for long positions.<\/p>\n
Bitcoins Solana price outlook<\/h2>\n
From a technical standpoint, Solana\u2019s descent to $83 breached the 50-day exponential moving average (EMA) at $87.50, a critical support that now risks further erosion toward the 200-day EMA near $78.<\/p>\n
The relative strength index (RSI) flashed oversold territory at 28, hinting at a potential short-term rebound if oil volatility eases.<\/p>\n
However, the moving average convergence divergence (MACD) histogram remains deeply negative, confirming bearish momentum tied to the BTC correlation, which stands at 0.92 over the past month.<\/p>\n
A sustained oil price above $110 could push SOL toward $75, but a de-escalation in Hormuz tensions might spark a relief rally back to the $95-$100 level.<\/p>\n
Investors might also be looking to monitor US inflation data, with this likely to dictate the crypto market\u2019s next move.<\/p>\n