Solana Slides 5% to $145 as Technical Breakdown Overshadows ETF Momentum

Solana's price dropped by 5.24%, falling from $153 to $145, breaking significant support at $150. The decline was characterized by elevated trading volume, which surged 13% above average amid a wave of institutional selling. Despite this downturn, spot Solana ETFs continued to attract positive inflows for the eleventh consecutive day, particularly led by Bitwise's BSOL ETF, which has amassed $369 million in assets. However, network activity suffered, with daily active addresses dropping to a year-low of 3.3 million, a stark contrast to the peak of over 9 million earlier in the year. The technical analysis highlighted a bearish structure with lower highs, indicating potential further weakness with immediate support levels around $142-$144 and a possibility of extended declines toward the $135-$140 range if selling pressure persists.

Source 🔗