- Solana fell 13.5% in thirty days and registered two 4-day losing stripes within nine days.
- Futures Volume Shrank up to $ 4 million, in which sellers clearly surpass buyers, indicating a widespread Bearish sentiment.
Solana [SOL] Has a local top of $ 168 achieved under a steady sales pressure since last week.
In just four days, the back-to-back loss stripes ran on the second such drop within a wingspan of 9 days. At the time of the press, Sol traded at $ 145.39, which reflects a decrease of 13.53% of 30 days.
Both the daily and the weekly charts painted a similar Bearish Toon, which increased new doubts about trends.
Why do they sell? This is what the statistics say
According to the analysis of Ambcrypto, the decline of Solana is mainly due to mass sales pressure.
As the prices began to fall, holders who had a profit to prevent losses and to exclude profit, which led to a wrinkle effect in the market.
Source: Coinalyze
According to Coinalyze, aggregated purchase/sales volume showed that 386.5K SOL was sold for the past four days, leaving a negative delta of 50k Sol behind.
Dex activity is increasing, but it is not bullish
Moreover, the DEX volumes of Solana continued to rise and reached $ 7.1 billion, while prices have fallen.
When the price falls while the DEX volume rises, this indicates the pressure on the sales side as investors run into safety.
Source: Artemis
Similarly, the DEX situation shows a high delevering or panic, which is a bearish defensive market signal. Thus investors avoid the market and sell them on-chain, leading to volatility-driven trading activities.
This panic settlement is proven by the recent decrease in Futures volume data from Solana by Messari.
The volume fell to just $ 4 million, with only $ 1.4 million in ‘Buys’ against $ 2.57 million in ‘Sells’.
Source: Messari
This means that most market participants were convinced that Solana was not yet on the soil and adjusted the risk accordingly.
The bullish case? Still alive, but …
In the midst of the rising pressure of Solana, Glassnode analysts have predicted the most important levels to view.
According to the analysts, based on CBD -DataSolana had a solid support zone between $ 145 and $ 147, where 13 million Sol tokens were held.
But if that level makes way, the sale can intensify quickly.
Source: Glassnode
If $ 145 – $ 147 applies, this suggests that those 13 million tokens are in strong hands. That could cause a rebound in the direction of the $ 155 – $ 157 zone, where 31 million SOL is currently being held.
At $ 155- $ 157 levels, a strong resistance builds up because 31 million Sol tokens are being held.
Of course the resistance there would stiffen, just like around $ 166, the next key zone where 29 million tokens are. At that time, earlier buyers can cash in, causing every rally to get stuck.