Solana's price is encountering downward pressure due to escalating selling activity, indicating a possible decline towards critical support levels near $140. Recent market behavior shows a correction after a rejected peak, leading the SOL price action to dip below a pivotal $151 support level, suggesting a shift towards deeper retracement in the $141 to $145 range.
Data from Glassnode reveals the platform's highest Coin Days Destroyed (CDD) activity in recent times, indicating increased movement of dormant coins, likely driven by profit-taking or portfolio adjustments. Compounding this, outflows from Solana are significant as investors transition to other blockchains. Artemis reports Solana experiencing approximately $10 million in outflows, while Ethereum attracts over $7.5 million in inflows, reflecting a liquidity shift between these two leading chains.
The recent historical context outlines that ever since Solana reached pricing close to $300, it has been on a downward trajectory, now possibly entering a corrective phase. Analyzing the weekly chart indicates that while SOL is recovering, it remains constrained within a cup & handle pattern. Current price movements suggest an impending drop to support at $141, with the potential for a rebound back to the $160 mark if it holds above the critical support level.
Data from Glassnode reveals the platform's highest Coin Days Destroyed (CDD) activity in recent times, indicating increased movement of dormant coins, likely driven by profit-taking or portfolio adjustments. Compounding this, outflows from Solana are significant as investors transition to other blockchains. Artemis reports Solana experiencing approximately $10 million in outflows, while Ethereum attracts over $7.5 million in inflows, reflecting a liquidity shift between these two leading chains.
The recent historical context outlines that ever since Solana reached pricing close to $300, it has been on a downward trajectory, now possibly entering a corrective phase. Analyzing the weekly chart indicates that while SOL is recovering, it remains constrained within a cup & handle pattern. Current price movements suggest an impending drop to support at $141, with the potential for a rebound back to the $160 mark if it holds above the critical support level.
