Solana Drops 5% to $145 as Technical Weakness Overshadows ETF Inflows
Solana (SOL) slid 5.24% to $145.43 on Wednesday, breaking key support levels despite continued institutional inflows into spot ETFs. The decline erased gains from last week and reflected mounting technical pressure.
Trading volume surged 13% above the weekly average, driven by institutional selling. SOL fell sharply from $153.03 to $145.31, with the final hour alone seeing a drop from $148.61 to $145.29, signaling strong bearish momentum.
ETF Flows vs Weak Network Activity
Spot Solana ETFs extended their inflow streak to eleven days, led by Bitwise’s BSOL at $369 million in assets. On-chain metrics, however, showed weakening fundamentals: daily active addresses fell to a 12-month low of 3.3 million, down from over 9 million in January. The gap between institutional demand and declining network activity created technical stress that resolved downward.
Technical Outlook
- Support/Resistance: $150 support breached; next floor $142–$144, resistance near $157.25.
- Volume: 2.49M traded, 157% above average, indicating institutional distribution.
- Chart Patterns: Lower highs from $157.25 and accelerating downside momentum confirm bearish structure.
- Targets: Near-term support $142–$144; extended weakness toward $135–$140 if selling continues.
