Overview
Solana (SOL) has plummeted past the crucial $150 support level, experiencing a decline of 5.2% within the last 24 hours. This downturn is linked to substantial inflows to exchanges leading to notable sell-offs.
Market Dynamics
- Decrease: SOL dropped from $157.98 to $149.79 amid rising exchange volumes and failed support at $150, as per CoinDesk Research’s technical analysis.
- Whale Activities: Over a span of three days, 3 million SOL tokens were observed to flow out, indicative of waning investor confidence.
- Usage Metrics: Despite the price drop, the network reports over 100 million daily transactions and 7 million active wallets, reflecting strong operational fundamentals.
Analysis
The steep sell-off was aggravated by active trading during peak hours, where over $468 million worth of SOL tokens were noted to have moved to centralized exchanges in recent days. This shift has raised concerns over the potential for a short-term recovery, notwithstanding the solid underlying usage metrics of the Solana network.
Analysts highlight that reclaiming resistance at $153 and stabilizing above $150 is crucial in averting a deeper market downturn.
Technical Highlights
- SOL-USD Range: The trading range was marked by a significant drop between $157.98 (high) and $149.79 (low).
- Volume Spike: A noticeable volume spike of 182K occurred at 13:56, coinciding with the breach of the $150 support.
- Market Dynamics: With repeated attempts failing to breach $153, the charts indicate a descending trend of lower highs and lows, suggesting ongoing bearish pressure.
Disclaimer: Parts of this article were generated with the assistance of AI tools and subsequently reviewed to ensure alignment with accuracy standards.
