According to CoinDesk Research’s technical analysis data model, solana falls through critical support levels in a dramatic Wednesday session. The token plunged 5.24% to $145.43, erasing the previous week’s gains. Trading volume soared 13.23% above weekly averages as institutional selling dominated the price action.
The breakout accelerated during the final hours of trading. SOL plummeted from $153.03 to $145.31 in a cascade of stop-loss orders. Each hourly close printed new lows due to volume expansion. Selling pressure intensified over the past 60 minutes, with SOL falling from $148.61 to $145.29 as the bears took control.
ETF inflows vs. technical pressure
The decline came amid contrasting fundamental signals. Solana spot ETFs maintained their 11th consecutive day of positive inflows. Bitwise’s BSOL leads the charge with total ETF assets reaching $369 million. However, network activity tells a different story.
Daily active addresses fell to a 12-month low of 3.3 million. This marks a sharp drop from January’s peak above 9 million users. The enthusiasm for Memecoin that previously fueled the network’s growth has evaporated. The divergence between institutional demand and network metrics created technical pressure that was ultimately resolved downwards.
Key technical levels indicate further weakness for SOL
- Support/Resistance: The $150 support was decisively broken, the next important floor lies in the $142-$144 zone. Strong resistance now caps rallies near $157.25.
- Volume analysis: The exceptional volume of 2.49 million during the breakdown (157% above the daily average) confirms the institutional distribution pattern.
- Chart Patterns: A clear bearish structure emerges with lower highs from the high of $157.25 and accelerating bearish momentum.
- Goals and risk/reward: Initial target at $142-$144 support zone, weakness extended towards $135-$140 if selling continues.
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.
