Solana News Today: Solana Holds the Line at $150: Institutional Trust Remains as User Engagement Declines
Solana (SOL) has slipped beneath the crucial $165 threshold, signaling a notable breach of technical support and heightening worries about potential further losses. As of November 11, the token hovered around $150, representing a drop of almost 10% from its recent peak above $188, according to a
This decline comes after a 30% reduction in active
Despite this, institutional interest remains strong. US spot Solana ETFs saw net inflows of $9.7 million on November 6, marking a seventh consecutive day of positive flows, as reported by
Nevertheless, liquidity issues remain. The stablecoin market cap on Solana dropped 8.16% over the week to $13.816 billion, pointing to shrinking network liquidity, as detailed in the FXStreet report. Total Value Locked (TVL) fell to $10.215 billion, yet DeFi trading volumes exceeded $5.1 billion, surpassing those on
Technical outlooks remain cautious. The Relative Strength Index (RSI) is close to oversold at 33.58, while the Moving Average Convergence Divergence (MACD) continues to signal bearish momentum, suggesting persistent selling pressure, as mentioned in the Crypto.news report. A move above $166 is considered crucial for reversing the current downtrend, with potential targets between $172 and $177 if achieved, according to the FXStreet report. On the other hand, a drop below $150 could send the price toward $145, where further support may be found, per the TradingView analysis.
Solana's co-founder is leading network upgrades to tackle scalability issues, but their effectiveness has yet to be proven in real market scenarios, as noted in the TradingView analysis. Meanwhile, Solana's underperformance compared to the broader crypto market—trailing the CoinDesk 5 Index by 1.42%—shows the token is facing specific selling pressure. The CoinDesk report also highlights the breakdown in technical support.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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