According to CoinDesk Research’s technical analysis data model, solana fell 3.1% to $164.30 during Tuesday’s session as the token broke critical technical support levels.
SOL declined from $169.54 to $164.26 during the 24-hour period ending Nov 11 at 09:00 UTC, establishing a clear bearish trend structure with multiple rejection points above $170.
Liquidation accelerated during Asian trading hours with significant volume buildup. Trading activity surged 58% above the daily average as SOL tested the crucial $163.85 support zone. The session’s $8.06 range represented 4.9% volatility, with the most significant volume spike occurring at 06:00 UTC with 1.47 million shares traded.
SOL underperformed the broader crypto market by 1.42% relative to the CoinDesk 5 Index (CD5), indicating specific selling pressure on the token. A recent 60-minute analysis showed an aggressive bullish reversal that quickly collapsed, with SOL rising from $164.07 to $164.97 before losing gains in a sharp sell-off to $163.46. This whiplash action highlighted the fragility of any bullish momentum within the established downtrend.
The technical collapse occurred without clear fundamental catalysts, suggesting that profit-taking and momentum-driven selling dominated the price action. Institutional flows remained mixed, as nighttime accumulation patterns conflicted with daytime distribution activity.
Technical breakdown vs support defense
With SOL breaking above the psychological level of $165 while volume patterns showed elevated selling interest, near-term price action is focused on whether the $163.50 zone can hold as demand emerges. The downtrend structure remains intact with lower highs of $170.48 and $171.92 providing overall resistance.
Momentum indicators deteriorated throughout the session as each recovery attempt weakened. Volume analysis revealed that selling pressure intensified as it retested the highs, while bounces attracted minimal buying interest, confirming the bearish bias in the near term.
Key technical levels indicate vulnerability for SOL
Support/Resistance: Critical support is now tested at $163.50 after the breakout of $165, while strong resistance remains at $170.50 with multiple failed breakout attempts.
Volume analysis: A significant increase in volume occurred with 1.47 million shares (58% above the 24-hour average) during the break of support, with selling pressure reaching a high of 66,399 shares during the 09:16 UTC decline.
Chart Patterns: A downtrend structure was established with lower highs at $170.48 and $171.92, followed by a failure of technical support and deteriorating momentum.
Risk/Reward: The $163.50 level represents the next critical test for the bulls, with technical indicators suggesting continued bearish pressure towards the $160 psychological support zone.
CD5 Market Analysis: Institutional Rotation Amid Limited Stock
CD5 fell 1.63% from $1,851.31 to $1,821.19 over the 24-hour period, experiencing elevated volatility with an intraday range of $52.78 between $1,868.63 and $1,816.85, while institutional buying emerged during the overnight sessions supporting the recovery from the technical support of $1,817.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
