Solana Slides 5% to $145 as Technical Pressures Outweigh ETF Demand
Solana (SOL) plunged 5.24% to $145.43 on Wednesday, breaking key support levels despite strong trading volumes and continued institutional inflows into spot ETFs. The decline erased gains from last week, signaling a sharp technical reversal.
Trading activity surged 13% above the weekly average as selling intensified, particularly in the final hours. SOL fell from $153.03 to $145.31 on cascading stop-loss orders, with the last hour alone seeing a drop from $148.61 to $145.29, confirming growing bearish momentum.
ETF Inflows Contrast With Weak Network Metrics
Spot Solana ETFs extended their inflow streak to eleven days, led by Bitwise’s BSOL at $369 million in assets. However, network activity has weakened: daily active addresses fell to a 12-month low of 3.3 million, down from January’s peak above 9 million. The divergence between institutional buying and declining network engagement added technical pressure that resolved downward.
Technical Outlook
- Support/Resistance: $150 support broken; next floor $142-$144, resistance near $157.25.
- Volume: 2.49M traded, 157% above average, reflecting institutional distribution.
- Chart Patterns: Lower highs from $157.25 and accelerating downside momentum confirm a bearish structure.
- Targets: Immediate target $142-$144, with potential extension toward $135-$140 if selling continues.
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