Solana Plummets 4.48% as Selling Pressure Intensifies

Solana (SOL) encountered renewed selling pressure after multiple unsuccessful attempts to surpass the $158–$159 resistance zone. The selling momentum intensified during the 13:00 hour, with volume surging past 1.1 million, breaking through the $153.10–$153.30 support region and accelerating the bearish trend. Despite a modest recovery attempt, SOL remains under pressure, trading just above $153.

Analysts warn that further downside is possible unless bulls reclaim the $153.30 level, with the psychological $150 mark now looming as the next major line of defense. The strong resistance at $158–$159 triggered a 4.48% decline from peak to trough, and the high-volume breakdown below the $153.10–$153.30 support zone signals a bearish shift. SOL fell from $154.53 to $151.89 in the final hour, a 1.7% intraday drop, with notable selling at 13:40 (36K) and 13:48 (59K) accelerating downward momentum. The price has since rebounded to $153.81, with tentative support near $152.50. Lower highs and elevated selling volume suggest continued short-term pressure, and a close above $153.30 is needed to signal potential trend stabilization.

Solana, the sixth-largest cryptocurrency by market capitalization, experienced a significant reversal in its recent rally, leading to heavy selling pressure. The cryptocurrency failed to maintain its position above $172, triggering a sell-off that saw its value plummet. This downturn was particularly notable as it occurred despite ongoing growth in stablecoin activity and validator interest within the Solana ecosystem. The failed rally sparked a wave of selling, with bears taking control of the market. However, there are indications that a bullish reversal could be brewing below the $155 mark, suggesting that the current downturn may not be the end of Solana's upward trajectory.

The heavy selling pressure on Solana can be attributed to several factors. Firstly, the cryptocurrency market is highly volatile, and any failure to sustain a rally can lead to a rapid sell-off. Secondly, the broader market sentiment, influenced by macroeconomic factors, has contributed to the overall bearish outlook. Additionally, the lack of a clear bullish signal from the larger crypto market has left Solana vulnerable to selling pressure.

Despite the current challenges, there are reasons to be optimistic about Solana's future. The cryptocurrency has shown resilience in the past, and its strong on-chain activity indicates that there is still significant interest in the network. Furthermore, the potential for a bullish reversal below $155 suggests that investors may be looking for an entry point to capitalize on any future price increases. As the market continues to evolve, it will be crucial for Solana to maintain its momentum and attract new investors to sustain its growth.