Solana drops to $142 as trendline break triggers deeper selling pressure

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Solana trendline break accelerates selling

Highlights

- Solana drops to $142, breaking its long-held ascending trendline.

- Price trades below all major EMAs, confirming a medium-term trend shift.

- Flows show $52.7M in outflows on November 14, extending eight weeks of selling.

Once Solana slipped below the $166–$170 region, the pattern unraveled into a swift decline, underscoring a loss of bullish control after repeated rejections at the triangle’s descending boundary.

Structure breaks as sellers take control

The daily chart now shows Solana sitting beneath its 20-day, 50-day, 100-day, and 200-day EMAs, all of which have turned lower. The 20-day EMA is declining sharply, a sign of early-stage trend reversal rather than a routine corrective pullback. With price holding below the lower triangle boundary and the former rising trendline, the broader market structure has reset into a medium-term downtrend.

SOL price dynamics (Source: TradingView)

The next major support stands at $125, where Solana built a base during June and early July. If current levels fail to attract buyers, a deeper level near $96 emerges as a key historical reaction zone tied to high-volume traded ranges. The weakness is also reflected in momentum readings. The daily RSI has slipped to 31, approaching oversold territory but without any bullish divergence. Unlike past corrections where Solana staged sharp rebounds from oversold levels, the indicator has been grinding along the lower band for several sessions, signaling persistent pressure and limited buyer interest.

Market flows reinforce this shift. Coinglass data shows $52.7 million in net outflows on November 14, extending an eight-week streak of steady selling. These red prints suggest that spot holders have been distributing rather than accumulating, a pattern that usually prolongs declines until fresh demand appears on lower timeframes. So far, no clear absorption zone has emerged.

Short-term signals show limited relief

Intraday charts highlight the fragility of the current structure. Solana remains pinned beneath the Supertrend, and every attempt to reclaim it has been met with immediate rejection. The Parabolic SAR continues to print above price, marking a consistent trail of bearish confirmations. The strongest rally since the breakdown stalled near $157 before sellers drove it back into lower lows, sustaining a staircase pattern of declining intraday highs.

The selling pressure around $166 was an early indication of structural failure. This region represented the apex of the triangle and the 20-day EMA cluster. Once this area collapsed, price quickly moved toward the next liquidity pocket near $140, where Solana now trades with weak candle closes and no evidence of aggressive long-wick defense from long-term buyers. If the $142 shelf gives way, the decline likely continues toward $125, which remains the first meaningful support where buyers have historically shown conviction.

For bulls, any credible recovery would require reclaiming the $150–$157 range and flipping the 20-day EMA back into support. Without such a move, Solana remains vulnerable to continued pressure, as bears currently control momentum, structure, flows, and short-term direction.Solana has not shown signs of capitulation, but the broader trend has clearly turned lower. Until flows stabilize or a deeper demand zone emerges, the path of least resistance points downward, with $125 as the next major battleground.

In earlier analysis, we noted Solana’s difficulty reclaiming the upper boundary of its triangle and highlighted the weakening reactions around the $166 region. The latest breakdown confirms that sellers have now seized control, pushing price toward the deeper support levels we previously identified.

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