Solana (SOL) faces intensified selling pressure as its price challenges crucial support near $144.5-$147.7. This follows a brief 5% rally to $160 triggered by the launch of the cryptocurrency’s first spot exchange-traded fund (ETF), which rapidly reversed into bearish territory and erased recent gains.
The $144.5 to $147.7 region emerges as a decisive battleground, representing a significant supply cluster where over 14% of tokens are held. Market analysts view maintaining this level as critical for preventing deeper downside momentum. Failure to hold above $148 risks establishing a lower low pattern beneath $137, confirming persistent bearish control.
Buyers attempting recovery face substantial resistance near $157, where approximately 5.55% of supply sits. Technical indicators and market sentiment currently favor downside continuation unless SOL achieves a decisive daily close above $160.
Market participants are advised to exercise caution absent a confirmed bullish reversal signal. The reversal of the ETF-induced surge highlights ongoing fragility in SOL’s price structure despite recent institutional milestones.