Solana News Today: Solana (SOL) Faces Bearish Pressure Near $160 Support Amid Outflows and Technical Indicators

Solana (SOL) price has retreated from its July peak near $205 and is now consolidating within a descending triangle formation, with current price at $163.30. This position places it just above the ascending base trendline, near critical support around $160. The structure suggests potential for a break either way, though bearish momentum is increasing, supported by technical and on-chain data [1].

On the 4-hour chart, SOL is forming a descending triangle characterized by lower highs and a rising support trendline. Multiple rejections near $170–$172 indicate strong supply pressure. The price is currently near the lower Bollinger Band at $158.8, with the 20 EMA acting as immediate resistance. All major EMAs remain stacked above current levels, reinforcing a bearish bias [1].

Short-term bearish pressure is confirmed by several key indicators. The daily Supertrend has flipped bearish following the close below $190, with no signs of reversal. The DMI on the daily timeframe shows the -DI line ahead of +DI, with ADX above 20, suggesting bearish momentum is intact. Smart Money Concepts (SMC) also indicate a bearish Change of Character (ChoCH) near $200, and the recent Break of Structure (BOS) signals a continuation of downward movement [1].

On-chain activity supports the bearish outlook. According to Coinglass, a net outflow of $18.62 million occurred from Solana spot markets on August 6, indicating possible exits by institutional or large-cap investors [1].

Price indicators across multiple timeframes show a bearish bias. The 30-minute RSI is at 47.05, signaling weak momentum. MACD and VWAP dynamics remain bearish, with price consolidating beneath the VWAP resistance at $163.92. The tightening of Bollinger Bands suggests a potential for increased volatility. A break below $160 could lead to further declines toward $153–$155, with the $145–$130 range as broader downside targets [1].

In the short term (24 hours), Solana may retest the $160 support level. A successful defense could push the price toward $166 and $169, but failure to reclaim the 20/50 EMA cluster would limit bullish progress. On the upside, a clean breakout above $170.12 could shift the bias and target $175–$180. However, with bearish SMC structures, net outflows, and trendline rejections, the pressure for a breakdown is significant [1].

Source: [1] Solana (SOL) Price Prediction for August 7 (https://coinedition.com/solana-sol-price-prediction-for-august-7-2025/)