According to CoinDesk Research’s technical analysis data model, solana crashing through critical support levels in a dramatic Wednesday session. The token fell 5.24% to $145.43, erasing gains from the previous week. Trading volume exploded 13.23% above weekly averages as institutional selling dominated price action.
The collapse accelerated in the final trading hours. SOL collapsed from $153.03 to $145.31 in a cascade of stop-loss orders. Each hourly close posted fresh lows on expanding volume. Selling pressure intensified in the last 60 minutes, with SOL plunging from $148.61 to $145.29 as bears took control.
ETF Inflows vs. Technical Pressure
The decline came amid conflicting fundamental signals. Spot solana ETFs maintained their eleventh straight day of positive gains. Bitwise’s BSOL leads the charge with total ETF assets of $369 million. Yet network activity tells a different story.
Daily active addresses plummeted to a 12-month low of 3.3 million. This marks a sharp drop from January’s peak of over 9 million users. Memecoin enthusiasm that previously drove network growth has disappeared. The gap between institutional demand and network metrics created technical pressures that ultimately resolved downwards.
Key technical levels signal further weakness for SOL
- Support/resistance: $150 support broken decisively, next big floor at $142-$144 zone. Strong resistance is now limiting rallies near $157.25.
- Volume analysis: Extraordinary 2.49 million volume during collapse (157% above daily average) confirms the institutional distribution pattern.
- Chart Patterns: Clear bearish structure emerges with lower highs from $157.25 peak and accelerating downside momentum.
- Goals and risk/reward: Initial target of $142-$144 support zone, extended weakness towards $135-$140 if selling continues.
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.
