SOL Price Drops Below $150 Amidst High Whale Outflows
Solana (SOL) is experiencing increased bearish pressure as its price fell below $150, marking a 5.2% decline in 24 hours.
Key points include:
- Over 3 million SOL tokens were transferred to centralized exchanges in three days, with estimated outflows exceeding $468 million.
- This shift has raised concerns about short-term recovery prospects despite strong network usage metrics.
- Solana recorded over 100 million transactions and 7 million daily active addresses, indicating long-term strength.
- Critical resistance lies at $153; reclaiming this level is essential to avoid further declines.
Technical Analysis Highlights
- SOL-USD ranged from a high of $157.98 to a low of $149.79.
- The price broke below the psychological support of $150 during a volume spike of 182K.
- Resistance at $153 has remained firm amid failed recovery attempts.
- A descending channel is forming, marked by lower highs and lows.
- Surges in selling volume occurred at intervals of 21K, 66K, 89K, and 182K.
- Some buy interest is noted around $149.50-$150.60, but downside risks remain if this floor fails to hold.