Solana (SOL) fell sharply on Thursday, breaking through the critical $150 support level as whale outflows and rising exchange volume spooked traders—despite continued strength in network fundamentals.
Key Price Action:
- Price Drop: SOL fell 5.2%, from $157.98 to $149.79 within 24 hours.
- Whale Outflows: Over 3 million SOL (~$468M) moved to centralized exchanges in the last 3 days.
- Volume Spike: Heaviest selling occurred at 13:56, with 182K SOL traded in one minute.
- Failed Recovery: Attempts to reclaim $153 resistance repeatedly failed, showing weak bullish momentum.
- Chart Pattern: SOL is now trading in a descending channel with lower highs and lows.
Network Fundamentals Remain Strong:
- 100M+ daily transactions
- 7M+ active daily wallets
Despite these bullish on-chain metrics, market sentiment has turned negative as price action diverges from Solana’s underlying network performance.
Outlook:
Analysts say holding $149.50–$150.60 is crucial for bulls. If SOL fails to reclaim the $150–$153 zone soon, further downside toward $145 or lower may be likely.
Caution is advised, especially in the short term, until buying volume stabilizes and outflows slow.
