Solana (SOL) came under intense selling pressure on Tuesday after repeated failed attempts to break above the $158–$159 resistance band. The rejections triggered a steep decline, compounded by surging volume and technical weakness that now threaten further losses unless key support levels are reclaimed.
During the 13:00 hour, a significant surge in trading activity—exceeding 1.1 million in volume—coincided with a breakdown below the $153.10–$153.30 support range. This breach confirmed bearish momentum, pushing SOL to session lows before a shallow recovery effort.
As of the latest print, SOL is hovering just above $153, struggling to find footing amid broader market weakness and persistent downward pressure.
Key Technical Developments:
- Resistance Rejection: Multiple failed pushes above $158–$159 triggered a 4.48% reversal from intraday highs.
- Support Breakdown: A sharp drop through the $153.10–$153.30 zone came on heavy volume, marking a clear shift toward bearish control.
- Intraday Decline: SOL fell from $154.53 to $151.89 in the final trading hour, a 1.7% slide that added to the bearish tone.
- Volume Spikes: Two major sell orders—36K at 13:40 and 59K at 13:48—helped accelerate the drop, pointing to aggressive distribution.
- Tentative Recovery: Prices have since rebounded to $153.81, with minor support emerging near $152.50, though conviction remains low.
- Trend Structure: A pattern of lower highs continues to develop, alongside sustained elevated selling volume—both bearish signals for the short term.
- Key Thresholds: Analysts highlight $153.30 as the immediate level bulls must reclaim to halt the slide. If that fails, the psychological $150 level becomes the next critical support.
With sentiment turning cautious and technical indicators flashing red, Solana’s price action suggests more downside may be ahead unless buyers step in to reclaim lost ground quickly.
