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Solana continued to come under sustained pressure as broader market conditions deteriorated. The SOL token has continued its downward trend for several weeks, reflecting the decline in investor confidence.
Recent data on the chain has revealed an increase in supply towards the platforms. Almost $202 million has passed from SOL to trading platforms since the beginning of the month. This flow of sales strengthened sales momentum and triggered yield signals that had not appeared since 2022.
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Solana owners are selling
Active deposits have started Solana network in decline After a strong rise earlier this month. This measure measures the number of tokens transferred to the platforms, and is often an indication of intent to sell.
Although deposit inflows slowed down, the balance of the platforms continued to reflect an increase in supply. In the last 17 days, exchange wallets have added 2.35 million SOL. At current prices, this growth equates to approximately $202 million in additional supply-side liquidity.
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Increasing platform reserves usually doubles the downward pressure. Large balances make it easier for traders to execute sell orders. However, this influx also triggered a historic surrender signal, as similar supply increases on platforms had previously coincided with late-stage bear market conditions.
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MVRV prices provide an important context for evaluation. The price of Solana is currently trading Below the maximum decay range. This classification requires that the market value index for realization remains below 0.8 for about 5% of the trading days.
The SOL token has been below this limit in 26% of the last sessions. This confirms that there has been a long period of low valuation. A similar case happened only in May 2022. After that period, Solana was subjected to stress for 17 months before seeing a remarkable recovery.
The price of SOL continues the downward trend
Solana is trading at $86 at the time of writing. The symbol continued to stay below the $90 resistance while maintaining a support level above $81. A break above the $90 level would interrupt the current trend line, which could indicate a potential technical improvement.
Current data points to continued downside risk. Financial inflows into the exchanges and general weak momentum meant that the Sol could come under more pressure. In case of a decisive break below $81, the next support near $67 will be exposed, extending the decline.
On the other hand, recovering $90 will change the general mood in the short term. A break above the downtrend trend line can attract renewed capital flows. If momentum intensifies, expect SOL to rise towards $105 and possibly to higher levels, invalidating the current bearish outlook.
