According to CoinDesk Research’s technical analysis data model, solana crashes through critical support levels during a dramatic Wednesday session. The token plunged 5.24% to $145.43, erasing gains from the previous week. Trading volume exploded 13.23% above weekly averages, with institutional selling dominating price action.
The outage accelerated in the final hours of trading. SOL collapsed from $153.03 to $145.31 in a cascade of stop-loss orders. Each hourly close printed new lows on expanding volume. Selling pressure intensified over the last 60 minutes, with SOL falling from $148.61 to $145.29 as the bears took control.
ETF inflows vs. technical pressure
This decline occurred amid mixed fundamental signals. Spot Solana ETFs maintained their eleventh consecutive day of positive inflows. Bitwise’s BSOL is leading 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. Enthusiasm for Memecoin, which previously drove the network’s growth, has evaporated. The divergence between institutional demand and network metrics created technical pressure that ultimately resolved to the downside.
Key Technical Levels Signal Further Weakness for SOL
- Support/Resistance: $150 support broken decisively, next major bottom at $142-$144 zone. Strong resistance now caps rallies near $157.25.
- Volume analysis: An exceptional volume of 2.49M during outages (157% above the daily average) confirms the institutional distribution model.
- Chart templates: A clear bearish structure emerges with lower highs from the $157.25 high and accelerating bearish momentum.
- Targets and risk/reward: Initial target at $142-$144 support zone, extended weakness towards $135-$140 if selling continues.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
