Market Overview
Solana faces renewed selling pressure as the token drops from $160.72 to $152.81, showing a 4.9% decline despite continued institutional support through exchange-traded fund products. The decline is occurring on high volume 17.25% above the seven-day average. Active repositioning dominates rather than passive drift.
Sales are intensifying following another scheduled token unlock from Alameda Research and the bankrupt FTX domain on November 11. Analyst MartyParty reports that approximately 193,000 SOL tokens worth $30 million are being released as part of the ongoing monthly vesting. The program has gradually distributed more than 8 million tokens since November 2023. These structured versions, managed under bankruptcy supervision, are generally routed to major exchanges for repayment of creditors.
Institutional demand remains robust, with Solana spot ETFs recording their tenth consecutive day of inflows totaling $336 million for the week. Major financial institutions, including Rothschild Investment and PNC Financial Services, have disclosed new holdings in Solana-based products. Grayscale has introduced options trading for its Solana Trust ETF (GSOL) to provide additional hedging tools for institutional traders.
Supply Pressure vs. Institutional Demand: What Traders Should Watch
Alameda’s systematic token releases create predictable selling pressure while institutional flows provide underlying support. SOL finds himself caught between opposing forces. The bankruptcy estate maintains approximately 5 million tokens in locked or staked positions. Smaller monthly releases will continue until 2028 based on investment agreements prior to 2021.
The 60 Minutes analysis reveals accelerating bearish momentum as SOL breaches critical support at $156 amid explosive selling volume. The breakdown occurs between 3:00 p.m. and 4:00 p.m. UTC, when price crashes from $155.40 to $152.86 on volume of 212,000, 123% above the hourly average.
This technical failure confirms the previous support break and establishes a descending channel targeting the $152.50 to $152.80 demand zone. However, the underlying strength of ETF flows suggests institutional accumulation at lower levels. Bitwise’s BSOL leads weekly inflows with $118 million while maintaining its yield-driven strategy with staking rewards averaging over 7% per year.
Signal consolidation phase of key technical levels for SOL
Support/Resistance: Primary support stands at $152.80 demand zone with secondary levels at $150; immediate resistance at $156 (former support) and $160
Volume analysis: 24-hour volume increases 17% above the weekly average during the outage, confirming institutional repositioning rather than retail capitulation.
Chart templates: Descending channel formation with lower highs at $156.71 and $156.13; a break above $160 is needed to invalidate the bearish structure
Targets and risk/reward: Potential rebound towards resistance $160-$165 if $152.80 holds; breakdown below $150 accelerates towards $145 support levels
CoinDesk 5 Index (CD5) Falls 1.85% in Volatile Session
The CoinDesk 5 Index fell from $1,792.49 to $1,759.24, down $33.25 (-1.85%) on a total range of $74.31 as strong bearish momentum emerges after resistance at $1,824.82 failed, with heavy institutional volume during the 3:00 p.m. to 4:00 p.m. sell-off confirming the downside break below key support at $1,767.
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.
