Solana (SOL) continues to face mounting bearish pressure as the price slid below the psychological $150 level, marking a 5.2% drop in the past 24 hours.
The sell-off intensified during the early afternoon session with high-volume trades flooding exchanges. Analysts attribute the decline to more than 3 million SOL tokens being transferred to centralized platforms over the past three days, coinciding with more than $468 million in estimated outflows.
This significant shift in on-chain activity has cast doubt on short-term recovery prospects, even as the Solana network continues to post strong usage metrics.
With over 100 million transactions and 7 million daily active addresses, the fundamentals suggest long-term strength, but price action remains disconnected from protocol performance.
Analysts say reclaiming resistance at $153 and stabilizing above $150 is now critical to preventing a deeper retracement.
Technical Analysis Highlights
- SOL-USD posted a $8.19 range from the high of $157.98 to a low of $149.79.
- Price breached psychological support at $150 during a massive 182K volume spike at 13:56.
- Resistance remained firm at $153.00 as repeated recovery attempts failed during the late session.
- A descending channel has developed with lower highs and lower lows dominating the chart.
- Volume surges at 13:39 (21K), 13:45 (66K), 13:51 (89K), and 13:56 (182K) confirm aggressive selling.
- Modest buy interest is emerging around $149.50-$150.60, but downside risk persists if bulls cannot hold the current floor.
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