"Over the past 9 days, $423 million worth of Solana (SOL) flowed into exchanges... Selling pressure continues"

JH Kim

Summary

It was reported that over the past 9 days, a large amount of Solana (SOL) has flowed into exchanges, contributing to selling pressure.
Analysts highlighted that $161 is a key technical resistance level for SOL, and if broken, the price could potentially reach $176.
If the resistance is not overcome, the price of SOL could drop to $152 and $144.

In the past 9 days, approximately $423 million worth, totaling 2.7 million Solana (SOL), has flowed into major cryptocurrency exchanges, contributing to increased selling pressure according to analysis.

On the 10th (local time), crypto-focused media outlet BeInCrypto reported, "SOL has still not managed to escape its downward phase," and added, "Although there were attempts at a short-term rebound, a lack of investor patience led to a large influx of SOL into exchanges. This is creating negative selling pressure on SOL's price."

The report continued, "Technically, the $161 level is expected to serve as a major resistance. If SOL maintains its upward momentum and breaks through this resistance, it could potentially rise to $176."

It further stated, "Conversely, if the resistance is not broken, SOL could decline to levels such as $152 and $144," adding that "the selling trend may accelerate."

SOL