Solana Faces Selling Pressure from Long-Term Investors: Critical Resistance at $161

Solana (SOL) is under pressure due to recent uncertainty in the overall market and changes in investor behavior. In particular, sales from long-term investors (LTH) are creating downward pressure on the price.

Liveliness Indicator Indicates Selling Pressure

One of Solana's on-chain metrics, Liveliness, measures how long investors have held their assets before moving them. An increase in this indicator shows that long-term holders (LTH) are starting to sell. Recent data reveals that many LTHs are taking steps to realize their profits, which has created pressure on the market.

Technical Indicators Indicate Indecision

There is a clear lack of direction in Solana's short-term technical outlook. The 50-day and 200-day Exponential Moving Averages (EMA) are currently moving in parallel. The previously anticipated Golden Cross signal could not be realized. Although the 50-day EMA was expected to cross above the 200-day EMA, delays and price declines have postponed this formation. This situation reinforces market indecisiveness and the lack of buying momentum.

Price Levels: Supports and Resistances

Currently, SOL is trading at $159, and the $161 level stands out as strong resistance. If this level is not surpassed, it may lead to a continuation of the downtrend. Although there is strong support at the $152 level, a break of this region could bring about a pullback to $144.

On the other hand, if there is a recovery in the overall market and an increase in buying demand, it is possible for SOL to break above the $161 resistance and maintain this level as support, which could lead the price to rise to $168. This scenario could indicate the end of the current downtrend and initiate a new upward momentum.


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