Solana Finds Itself in the Spotlight Amid Crypto Turmoil

Solana (SOL) has come under intense pressure as another wave of volatility shakes the cryptocurrency market. The SOL price experienced a sharp decline, plunging below key support levels amid a climate of widespread fear across the sector. Today, SOL price predictions are increasingly grounded in technical analysis rather than optimism.

### What’s Driving the Drop?

Several factors are weighing heavily on Solana’s performance:

– A broad market risk-off sentiment has gripped investors.
– Significant ETF outflows from Bitcoin and Ethereum are impacting overall crypto confidence.
– Solana’s own ETF inflows remain weak, totaling just around $46 million, failing to counterbalance the selling pressure.

After price fell below the crucial $144.50-$140.80 demand zone, algorithmic traders stepped in with increased selling, further pushing the price down. Volatility has surged, prompting traders to focus on potential lower support levels as the market adjusts expectations.

### ETF Flows: Solana’s Ongoing Tug-of-War

ETF inflows into Solana have so far failed to spark a lasting rally. Data from Sosovalue reveals that daily net inflows into SOL ETFs have reached approximately $12.04 million, with total net assets standing at $541.31 million. However, these figures remain small compared to the $1.8 billion in ETF outflows from Bitcoin and Ethereum that have been dominating market sentiment.

While inflows of up to $70 million on October 28 and November 3 temporarily slowed Solana’s decline, the momentum was short-lived. This pattern suggests that ETF inflows alone cannot offset the broader macro-driven selling pressures, especially as fear continues to pervade risk assets.

### Is $134 the Next Major Target?

Examining the SOL price charts reveals a challenging environment for bulls. Key observations include:

– Price has fallen below its 7-day Simple Moving Average (SMA) of $147.97.
– The SOL price broke beneath Fibonacci support at $149.96, currently trading around $140.71.
– Over the past week, SOL has dropped nearly 16%.
– The daily Relative Strength Index (RSI) stands at 29.9, indicating an oversold condition.
– The MACD exhibits a strong negative histogram value of -1.99, signaling increasing bearish momentum.

Attempts to reclaim the $144.50-$140.80 support zone have failed repeatedly, increasing the likelihood of further decline. The next significant support lies near $134.97, a level last tested in June.

On the upside, resistance points are identified at $149.96 and $161.73. Should selling pressure persist and $134 support break, the technical structure suggests a potential slide toward $129.

### What Lies Ahead?

Recovery for Solana depends on a successful close above $144.90. Achieving this could catalyze a swift move back toward $149.96 within 3 to 4 trading sessions. If bulls manage to regain control, a bounce toward the $150–$161 range is possible.

For now, however, bearish sentiment dominates the narrative, with downward pressure likely to persist until key resistance levels are convincingly reclaimed.

—

Stay tuned for further updates as the situation develops. Traders are advised to watch these critical technical levels closely when planning their next move in Solana.
https://coinpedia.org/price-analysis/solana-price-drops-to-140-is-a-fall-to-134-the-next-move/