Solana steadies as buyers defend $145 support after weeks of selling pressure

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Solana stabilizes near $156

Highlights

- Solana trades near $156 after testing the key $145 support zone.

- Spot outflows total $13 million on November 12, extending capital flight.

- RSI and open interest flatten, suggesting near-term stabilization potential.

The daily chart shows Solana trading inside a descending triangle pattern that has been forming since its April highs. The break below the $180–$190 cluster confirmed bearish dominance, while the latest test of the $145–$150 band highlights strong buyer defense at a historical accumulation region. The 20-day EMA near $172 remains the immediate ceiling, and only a daily close above that level would mark a potential shift toward recovery.

Solana price dynamics (Source: TradingView)

The RSI sits around 37, reflecting oversold conditions but without a reversal confirmation. Previous rebounds have been capped by the 50-day EMA, underscoring the persistence of selling pressure. If Solana loses the $145 level, the next downside targets align with $128 and $110, where long-term trendline support from early 2024 converges.

On-chain data shows continued caution

Market flows point to subdued sentiment. Solana recorded nearly $13 million in net outflows on November 12, the latest in a string of sessions showing steady capital withdrawals from exchanges. The consistent red netflow readings suggest ongoing de-risking, with investors shifting toward stablecoins and other low-volatility assets.

Meanwhile, open interest in Solana derivatives sits near $7.48 billion, a 0.57% decline over the past 24 hours, showing a modest cooling in speculative activity. The long/short ratio, however, remains elevated above 4.6 across major exchanges, indicating that leveraged traders still favor upside positioning despite fading spot participation. This mismatch between leveraged optimism and falling spot flows raises the risk of liquidation-driven volatility if price fails to hold current support levels.

Technical and fundamental balance

Solana’s technical structure reflects a market caught between strong long-term fundamentals and near-term exhaustion. On-chain metrics show rising developer activity and steady DeFi liquidity growth, proposing that core network health remains intact. Yet, traders remain hesitant to re-enter aggressively after months of accumulation-driven rallies.

A rebound from the current $145–$150 zone could set up a short-term relief rally toward $172, and potentially $186, if buying volume expands. However, continued outflows and muted futures participation would likely limit any recovery momentum in the near term.

Earlier analysis identified $145 as the defining demand zone where institutional buyers historically built positions. That level continues to act as Solana’s structural anchor. Holding above it keeps the broader bullish framework intact, while a break lower exposes the asset to deeper retracement toward the $130 range. Reclaiming $172 remains the first technical trigger for a recovery back toward $190, the upper limit of the current pattern.

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