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Solana (SOL) has experienced a notable decline recently, dropping 13.5% over the past 30 days despite earlier gains, signaling increased selling pressure and bearish market sentiment.
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Futures volume has contracted sharply to $4 million, with sellers outnumbering buyers, while decentralized exchange (DEX) activity rises, indicating defensive trading behavior rather than bullish momentum.
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According to COINOTAG sources, key support levels between $145 and $147 are critical for Solana’s short-term outlook, with potential rebounds contingent on these zones holding firm.
Solana’s 13.5% drop amid shrinking futures volume and rising DEX activity highlights growing bearish pressure; key support levels will determine its next move.
Solana’s Market Decline Driven by Intensified Selling Pressure
Solana’s recent price trajectory reveals a clear pattern of sustained selling pressure following its local peak near $168. The token has endured two separate four-day losing streaks within a nine-day period, underscoring a persistent downtrend. At the time of writing, SOL trades around $145.39, marking a 13.53% decline over the last month. Both daily and weekly technical charts exhibit bearish signals, raising concerns about the sustainability of any immediate recovery. This trend reflects a market environment where profit-taking and risk aversion dominate investor behavior.
Futures and Spot Market Metrics Confirm Bearish Sentiment
Data from Coinalyze highlights that over the past four days, approximately 386,500 SOL tokens were sold, resulting in a negative net delta of 50,000 SOL. This imbalance indicates that sellers are exerting significant downward pressure on prices. Concurrently, Solana’s futures market volume has diminished to roughly $4 million, with sell orders ($2.57 million) substantially outpacing buy orders ($1.4 million), according to Messari. This divergence suggests that traders are increasingly bearish, adjusting their positions to mitigate further downside risk.
Source: Coinalyze
Rising DEX Volumes Reflect Defensive Trading, Not Bullish Momentum
Interestingly, Solana’s decentralized exchange (DEX) volumes have increased to $7.1 billion amid the price decline. Typically, rising DEX volumes paired with falling prices indicate heightened sell-side activity, as investors seek to liquidate holdings or shift to safer assets. This pattern is often interpreted as a bearish signal, reflecting panic unwinding or deleveraging rather than accumulation. Artemis data corroborates this trend, suggesting that market participants are actively reducing exposure, which contributes to volatility and short-term price instability.
Source: Artemis
Source: Messari
Key Support Levels Could Define Solana’s Next Phase
Despite the bearish momentum, Glassnode analysts identify crucial support zones that could stabilize Solana’s price. The $145 to $147 range is particularly significant, as approximately 13 million SOL tokens are held within this band, suggesting strong investor conviction. Should this support hold, it may pave the way for a rebound toward the $155 to $157 resistance zone, where 31 million tokens are concentrated. However, this level represents a formidable barrier, as sellers may capitalize on gains, potentially stalling upward momentum. Beyond that, the $166 area, with 29 million tokens held, constitutes another critical resistance point that could limit any sustained rally.
Source: Glassnode
Conclusion
Solana’s recent price decline reflects a market dominated by selling pressure and cautious investor sentiment, as evidenced by shrinking futures volume and rising DEX activity amid falling prices. The token’s near-term outlook hinges on maintaining critical support levels between $145 and $147. Should these zones hold, a measured recovery toward resistance levels at $155–$157 and $166 is possible, though these areas may present significant hurdles. Market participants are advised to monitor volume trends and on-chain metrics closely to gauge shifts in momentum and adjust strategies accordingly.
