- Solana dropped 13.5% in thirty days, logging two 4-day losing streaks within nine days.
- Futures Volume shrank to $4 million, with sellers clearly outpacing buyers, indicating widespread bearish sentiment.
Solana [SOL] has been under steady selling pressure since hitting a local top of $168 last week.
In just four days, it chalked up back-to-back losing streaks—the second such drop within a 9-day span. At press time, SOL traded at $145.39, reflecting a 13.53% 30-day decline.
Both the daily and weekly charts painted a similar bearish tone, raising fresh doubts about trend reversal.
Why are they selling? Here’s what the metrics say
According to AMBCrypto’s analysis, Solana’s decline is primarily due to massive selling pressure.
As prices started to drop, holders who were in profit started selling to avoid losses and lock in gains, leading to a ripple effect in the market.
Source: Coinalyze
According to Coinalyze, Aggregated Buy/Sell Volume showed that 386.5K SOL were sold over the last four days, leaving a negative delta of 50K SOL.
DEX activity rising, but it’s not bullish
Additionally, Solana’s DEX Volumes continued to rise, reaching $7.1 billion, while prices have been declining.
When price drops while DEX volume is rising, it indicates sell-side pressure as investors run to safety.
Source: Artemis
Equally, the situation DEX shows high deleveraging or panic unwinding, which is a bearish defensive market signal. Thus, investors are avoiding the market and selling on-chain, leading to volatility-driven trading activity.
This panic unwinding is evidenced by the recent drop in Solana’s Futures Volume data from Messari.
The volume dropped to just $4 million, with only $1.4 million in ‘Buys’ against $2.57 million in ‘Sells’.
Source: Messari
This implies that most market participants seemed convinced Solana hadn’t bottomed yet, and were adjusting risk accordingly.
The bullish case? Still alive but…
Amid Solana’s rising pressure, Glassnode analysts have predicted key levels to watch.
According to the analysts, based on CBD Data, Solana had a solid support zone between $145 and $147, where 13 million SOL tokens were held.
But if that level gives way, selling could intensify fast.
Source: Glassnode
If $145–$147 holds, it suggests those 13 million tokens are in strong hands. That could spark a rebound toward the $155–$157 zone, where 31 million SOL are currently held.
At $155-$157 levels, a strong resistance builds because there are 31 million SOL tokens held.
Of course, resistance would stiffen there, just as it would around $166, the next key zone where 29 million tokens sit. At that point, prior buyers may cash out, stalling any rally.
