Solana (SOL) has declined 12.38% over the past week, with its price falling from $206 to $159 amid significant whale sell-offs and rising bearish sentiment. This downturn reflects sustained selling pressure and places heightened focus on the $154 support level for potential price stabilization.
A major whale transaction intensified the downward momentum after 108,016 SOL ($17.74 million) was deposited into exchanges OKX and Binance. Such deposits typically precede increased market supply and often correlate with extended price corrections. Derivatives markets reinforced this bearish trend as Solana’s Open Interest fell 7.28% to $9.30 billion despite derivatives volume rising 4.62% to $26.72 billion, while a Long/Short Ratio of 0.9231 signaled market anticipation of further declines.
Contrarian retail activity emerged as a counterbalancing force, with Spot Netflow remaining negative for seven consecutive days—including a recent $1.86 million net outflow—indicating consistent accumulation of SOL at lower price points.
Technical indicators currently align with bearish momentum, showing a Relative Strength Index of 41 and Stochastic RSI at 0.07. Nevertheless, persistent retail accumulation could establish a price floor should SOL maintain support at the critical $154 threshold.