Solana (SOL) continues to face mounting bearish pressure as the price slid below the psychological $150 level, marking a 5.2% drop in the past 24 hours. The sell-off intensified during the early afternoon session with high-volume trades flooding exchanges. Analysts attribute the decline to more than 3 million SOL tokens being transferred to centralized platforms over the past three days, coinciding with more than $468 million in estimated outflows. This significant shift in on-chain activity has cast doubt on short-term recovery prospects, even as the Solana network continues to post strong usage metrics. With over 100 million transactions and 7 million daily active addresses, the fundamentals suggest long-term strength, but price action remains disconnected from protocol performance. Analysts say reclaiming resistance at $153 and stabilizing above $150 is now critical to preventing a deeper retracement. Technical Analysis Highlights SOL-USD posted a $8.19 range from the high of $157.98 to a low of $149.79. Price breached psychological support at $150 during a massive 182K volume spike at 13:56. Resistance remained firm at $153.00 as repeated recovery attempts failed during the late session. A descending channel has developed with lower highs and lower lows dominating the chart. Volume surges at 13:39 (21K), 13:45 (66K), 13:51 (89K), and 13:56 (182K) confirm aggressive selling. Modest buy interest is emerging around $149.50-$150.60, but downside risk persists if bulls cannot hold the current floor. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy .
