El precio de la solana se debilita mientras los bajistas empujan al SOL hacia los 150 dólares

Key Insights

• Solana price has dropped below $185 and is showing strong signs of bearish dominance.
• On-chain data shows that SOL exchange inflows are rising, which could be another source of the selling pressure.
• Despite strong network activity, SOL risks falling toward the $150 support.

Solana price has been under heavy selling pressure after failing to stay above $200. SOL traded below $185 when writing, after breaking through several important support zones in its rejection from $209.

So far, the cryptocurrency has dropped by more than 5% in the past 24 hours. It has lost the vital neckline support at around $182.89. In other words, more downside risks loom if the buyers continue to sit on the sidelines.

Technical Indicators Turn Bearish for Solana Price

According to the charts, the technical setup for the Solana price is leaning bearish. The cryptocurrency recently fell below the 50% and 76.4% Fibonacci retracement levels after moving from $173 to $209.

At the same time, the 100-hourly simple moving average is now acting as resistance near $185. The charts also show that the MACD is flashing a bearish crossover.

Combined with the RSI reading of 50/100, momentum is weakening. If this continues, SOL could risk extending its correction towards $162 and possibly $150.

Ali Martinez noted recently on X that the Solana price is currently at risk of a correction towards $160. This could be seen if the ongoing conditions persist.

On-Chain Data Shows Rising Sell-Side Pressure

On-chain activity is also adding to the bearish outlook. According to data from Glassnode, SOL inflows into centralised exchanges have been on the rise lately.

Typically, outflows indicate that traders move tokens to cold wallets and favour HODLing rather than selling. It also follows that when outflows occur, holders are preparing to sell. Available data shows that between August 16 and 17, more than 471K SOL moved into exchanges.

This increase in supply has raised selling pressure so far and is making it harder for the price to find support. If this trend continues, the Solana price will decline even further.

Solana Network Remains Strong Despite Price Weakness

While the SOL is under pressure, the network shows encouraging signs of strength. Over the weekend, Solana saw a TPS (transactions per second) all-time high of 104,000 transactions in a single block.

At the same time, the Solana ecosystem has been on the rise. Token Terminal data shows that 50% of all USDC transfers are now on the Solana blockchain.

This rate of adoption is great for the asset?s future over the long term. It also sets the network up as one of the strongest blockchains in the defi space.

Next Levels to Watch

If Solana price holds support at $175, a rebound toward $188 and $192 is possible. A break above $192 could open the door for a recovery to $200.

However, the ongoing trend indicates that the asset has more downside risks to contend with in the short term. In other words, a failure to stay above $172 could send SOL toward $162.

If the bears continue to gain strength, the next major target could be around $150. Moving ahead, a deeper slide could expose prices to $131. This is unlikely considering how strong buyer interest is expected to be before prices hit that level.

This said, the Solana price could recover if it reclaims $188. However, a drop below $172 opens the door to an extended correction toward $150.

SOL has slipped below several primary support levels, and indicators are flashing bearish signals. On-chain inflows to exchanges add to the pressure and make further declines possible.

However, the Solana network continues to gain strength with encouraging throughput and stablecoin adoption. Traders are now eyeing the $188 resistance and $172 support levels.

If the Solana price can reclaim higher ground, it will have a fair shot at a recovery. If not, however, the asset could be corrected more deeply over the next few weeks.