Solana (SOL) has recently experienced bearish sentiment as its price slipped below the critical $150 mark, reflecting a 5.2% decline over the past 24 hours. The price drop accelerated during early trading, with significant selling volumes hitting exchanges. Analysts note that this downturn corresponds with over 3 million SOL tokens moving to centralized platforms in just three days, leading to an estimated $468 million in outflows. This considerable shift in on-chain activity raises questions about immediate recovery prospects, despite strong usage metrics for the Solana network.
Currently, Solana reports over 100 million transactions and 7 million daily active addresses, indicating solid fundamental usage. Nevertheless, the disconnect between price action and network performance highlights skepticism among traders. Analysts are focusing on the $153 resistance level; regaining this support and maintaining stability above $150 will be crucial to avoid deeper losses.
A technical analysis reveals that SOL-USD observed a price range of $8.19, with significant selling pressure visible during sessions. Notable volume spikes, particularly the 182k surge at 13:56, illustrate aggressive selling activity. Meanwhile, some buying interest is detected around the $149.50 to $150.60 marks. Still, the overall outlook remains cautious, as bulls need to firmly establish a floor to mitigate further downside risks.
Currently, Solana reports over 100 million transactions and 7 million daily active addresses, indicating solid fundamental usage. Nevertheless, the disconnect between price action and network performance highlights skepticism among traders. Analysts are focusing on the $153 resistance level; regaining this support and maintaining stability above $150 will be crucial to avoid deeper losses.
A technical analysis reveals that SOL-USD observed a price range of $8.19, with significant selling pressure visible during sessions. Notable volume spikes, particularly the 182k surge at 13:56, illustrate aggressive selling activity. Meanwhile, some buying interest is detected around the $149.50 to $150.60 marks. Still, the overall outlook remains cautious, as bulls need to firmly establish a floor to mitigate further downside risks.
