According to CoinDesk Research’s technical analysis data model, solana fell 3.1% to $164.30 during Tuesday’s session as the token broke through critical technical support levels.
SOL traded down from $169.54 to $164.26 during the 24-hour period ending on November 11th at 09:00 UTC, establishing a clear downtrend structure with multiple rejection points above $170.
Sales accelerated in Asian opening hours with significant volume accumulation. Trading activity rose 58% above the daily average as SOL tested the crucial support zone at $163.85. The session’s $8.06 range represented a volatility of 4.9%, with the most significant increase in volume occurring at 06:00 UTC with 1.47 million shares traded.
SOL underperformed the broader crypto market by 1.42% against the CoinDesk 5 Index (CD5), signaling targeted selling pressure on the token. Recent 60 Minutes analysis showed an aggressive upside reversal that quickly collapsed, with SOL rising from $164.07 to $164.97 before paring gains in a sharp selloff to $163.46. This whipsaw action highlighted the fragility of any bullish momentum within the established downtrend.
The technical breakdown occurred without clear fundamental catalysts, suggesting that profit-taking and momentum-driven selling dominated price action. Institutional flows remained mixed as overnight accumulation patterns clashed with daytime distribution activity.
Technical breakdown vs support defense
As SOL had breached the $165 psychological level, while volume patterns showed increased selling interest, short-term price action focuses on whether the $163.50 zone can hold as demand emerges. The downtrend structure remains intact with lower highs at $170.48 and $171.92 providing overhead resistance.
Momentum indicators worsened throughout the session as each rally attempt weakened. Volume analysis revealed that selling pressure intensified on retests of highs, while rejections attracted minimal buying interest, confirming the bearish bias in the near term.
Key technical levels signal vulnerability to SOL
Support/Resistance: Critical support is now testing at $163.50 after the break at $165, while strong resistance remains at $170.50 with several failed breakout attempts.
Volume analysis: A significant volume increase of 1.47 million shares (58% above 24-hour average) occurred during the support breakdown, with selling pressure peaking at 66,399 shares during the 09:16 UTC drop.
Chart Patterns: Established downtrend structure with lower highs of $170.48 and $171.92, followed by failure of technical support and deterioration of momentum.
Risk/reward: The $163.50 level represents the next critical test for bulls, with technical indicators suggesting continued downward pressure towards the $160 psychological support zone.
CD5 market analysis: institutional rotation amid scoped action
CD5 fell 1.63% from $1851.31 to $1821.19 during the 24-hour period, and saw heightened volatility with a $52.78 intraday range between $1868.63 and $1816.85, while institutional buying emerged during the overnight sessions supporting technical support at $1817.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
