Solana Sinks Below $163 Support as Sell-Off Intensifies
Solana (SOL) dropped 3.1% in 24 hours, sliding from $169.54 to $164.30. The Solana price broke the critical $163.85 support level amid a 58% surge in trading volume. Volatility rose to 4.9%, with a daily range of $8.06. Multiple failed attempts to reclaim the $170.50 resistance confirmed mounting sell-off pressure. Technical indicators, including RSI and volume trends, point to waning buyer strength. Traders now watch the $163.50 demand zone. A sustained break here could push SOL toward the $160 psychological mark. Short-term bearish momentum dominates, with downside risks intact absent fresh catalysts.
Bearish
Solana’s breach of the $163.85 support and repeated failures to reclaim $170.50 signal intensified sell-off pressure. Rising volatility and a 58% spike in trading volume confirm waning buyer strength. Traders are likely to reduce long positions and may increase shorts, pushing SOL toward the $160 mark in the short term. Without fresh positive catalysts, immediate trading sentiment remains bearish, although a medium-term recovery could follow if network developments or market conditions improve.