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Solana’s 27M SOL Move at $144 Fuels Sell Pressure
Solana’s price is currently stuck in a consolidation phase below the $130 mark, following a significant dip in daily active addresses. According to recent data, token flows have revealed redistribution from the $147 zone into lower price bands, easing overhead resistance and reinforcing support below $144.
While some may see this as a buying opportunity, it’s essential to acknowledge that these developments have fueled sell pressure. The sharp decline in daily active addresses by 46% since January is an alarming trend, indicating a lack of sustained engagement from the community.
As investors are currently waiting for a decisive trigger to break this consolidation pattern, the bearish sentiment remains dominant. A closer examination of liquidation data reveals that long positions accounted for nearly three-quarters of all liquidations over the past few days, further highlighting excessive bullish leverage and reinforcing this short-term volatility.
The unwinding of these positions has amplified short-term market fluctuations, exacerbating the decline. Furthermore, Solana’s daily active addresses have stabilized above 2.5 million since March, indicating a steady yet less engaged user base.
With an event-driven growth strategy in place, Solana will likely continue to rely on campaigns or specific launches for short-lived spikes in engagement and activity.
Source: https://ambcrypto.com/solanas-27m-sol-move-at-this-level-fuels-sell-pressure-details/
