Solana (SOL) Breaks Key Support Amid Heavy Exchange Inflows and Selling Pressure
Solana (SOL) has slipped below the crucial $150 support level, dropping 5.2% over the past 24 hours despite ongoing strong network activity.
The sell-off accelerated during the early afternoon session as over 3 million SOL tokens moved onto centralized exchanges within three days, triggering high-volume selling. Estimated outflows exceeded $468 million, signaling increased market caution.
While Solana’s network fundamentals remain solid—with over 100 million transactions and 7 million daily active addresses—this strength has yet to translate into price resilience. The disconnect between protocol performance and market price raises concerns over short-term recovery.
Technical analysis shows SOL traded within an $8.19 range, hitting a high of $157.98 and a low of $149.79. The break below the $150 psychological level came alongside a spike in volume, peaking at 182,000 units around 13:56 UTC. Resistance around $153 remains firm, as multiple attempts to rebound failed late in the session.
A descending channel pattern has formed, characterized by lower highs and lower lows, underscoring the current bearish momentum. Despite some buying interest near $149.50 to $150.60, analysts warn that failure to hold above $150 could lead to further declines.
