Solana Falls 5% to $145 as Technical Breakdown Outpaces ETF Inflows
Solana (SOL) dropped sharply on Wednesday, falling 5.24% to $145.43 as technical pressures outweighed ongoing institutional demand. The decline erased last week’s gains and came amid a surge in trading activity.
Volume jumped 13.2% above weekly averages, reflecting intensified selling from institutional participants. SOL’s slide accelerated late in the session, falling from $153.03 to $145.31 as stop-loss orders triggered across multiple hourly intervals. In the final hour, the token plunged from $148.61 to $145.29, cementing bearish momentum.
ETF Demand vs Weak Network Metrics
Despite the sell-off, Solana spot ETFs saw their eleventh consecutive day of inflows, with Bitwise’s BSOL leading at $369 million in total assets. Yet on-chain activity points to weakening fundamentals: daily active addresses fell to a 12-month low of 3.3 million, down from January’s peak above 9 million. The gap between institutional buying and declining network activity created mounting technical pressure that resolved downward.
Technical Outlook
- Support/Resistance: $150 support breached; next key floor $142-$144. Resistance now near $157.25.
- Volume Analysis: 2.49M traded, 157% above average, signaling institutional distribution.
- Chart Patterns: Lower highs from $157.25 and accelerating downside momentum confirm a bearish structure.
- Targets: $142-$144 near-term, with potential extension toward $135-$140 if selling persists.
About The Author
More Stories
Post-October Crash Liquidity Weakness Persists in Crypto, Heightening the Risk of Sharp Moves
BTC Falls Below $95K as It Logs Its Worst Week Since March; Downside Risk Seen Toward $84K
Strategy Drops to Lowest Level in Over a Year, Maintaining a Premium Over BTC Assets