Summary
- It was reported that Solana (SOL) has failed several times to break through the $158–$159 resistance line, leading to increased selling pressure.
- With key support levels under threat and investor sentiment weakening, some analysts have warned of the possibility of further decline if SOL fails to reclaim $153.30.
- On-chain data revealed a slight increase in SOL holdings, signaling a potential uptick in selling pressure.
On the 2nd (local time), cryptocurrency-focused media outlet CoinDesk reported that Solana (SOL) is facing mounting selling pressure after repeatedly failing to break through the $158–$159 resistance level.
The outlet stated, “SOL continues to form lower highs in all recent rebound attempts,” adding, “Investor sentiment is weakening as key support levels are under threat.”
Notably, some analysts warned that further declines may be inevitable if SOL fails to reclaim the $153.30 level in the short term.
Corresponding on-chain data also indicates a slight increase in SOL holdings, signaling potential growth in selling pressure.
Meanwhile, at 00:46 on the 3rd, SOL was trading at $153.12 on the Binance Tether (USDT) market, down 0.66% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.![[Market] Bitcoin breaks below $68,000 as losses deepen](https://media.bloomingbit.io/PROD/news/3a08fe32-6a33-4a62-bb89-4afb5c5399ca.webp?w=250)
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