SOMI - -998.85% 24h Drop Amid Market Volatility

On SEP 8, 2025, the cryptocurrency SOMI experienced an extraordinary 24-hour price drop of -998.85%, closing at $1.4874. This dramatic decline comes after a sustained upward trend over the past week, month, and year, which saw the asset rise by 23,087.52%, 20,301.06%, and 20,301.06%, respectively. The sharp correction has drawn attention to recent on-chain and technical developments, as traders and analysts attempt to decipher the underlying catalyst.

SOMI has been a focal point in the digital assets space due to a series of on-chain activities indicating significant wallet movements and distribution shifts. Over the last 72 hours, multiple large addresses have been observed transferring holdings, suggesting a realignment of ownership or a strategic redistribution of the asset. These movements, combined with unusually high transaction throughput, have led to speculation about a potential shift in market sentiment or an impending structural change in the token’s usage.

From a technical standpoint, key indicators have diverged in recent sessions. The Relative Strength Index (RSI) has crossed below the oversold threshold, signaling potential exhaustion in bearish momentum, while the Moving Average Convergence Divergence (MACD) shows a weakening bullish signal. These divergences have not provided a clear path for traders, with the asset hovering around critical support levels. Analysts project that the next 24 to 48 hours will be decisive in determining whether the decline will stabilize or continue.

SOMI’s price performance over the last year has been characterized by high volatility, with frequent and sometimes abrupt directional shifts. This pattern, while not uncommon in the crypto market, has raised questions about the sustainability of current price levels and the resilience of long-term holders. The sharp 24-hour drop is a stark contrast to the broader bullish trend, prompting a reevaluation of risk management strategies among investors.