Solana falls to $155 as outflows and derivatives data confirm extended selling pressure

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Solana exchange outflows and derivatives

Highlights

- Solana drops to $155 after losing key support at $175–$185 and entering oversold RSI conditions.

- Exchange data shows $13.26 million in net outflows, signaling distribution over accumulation.

- Open interest declines 9.4% while options volume falls 32%, reflecting fading trader engagement.

Once that shelf collapsed, the token flushed toward the next liquidity pocket and briefly dipped into oversold territory on the daily RSI, which touched 30 — a zone that often precedes short-term bounces. The weakness mirrors the broader shift in crypto sentiment as liquidity tightens across major assets. The short-term bounce near $155 marks an initial attempt by buyers to stabilize price, but technical and on-chain signals indicate that sellers remain firmly in control.

Chart signals confirm bearish structure

The daily chart shows Solana locked beneath a descending trendline drawn from the late-August high near $260. Every rally attempt has been capped at lower highs, reinforcing the downtrend’s persistence. The 20-, 50-, 100-, and 200-day exponential moving averages (EMAs) have now flipped to resistance, tightly stacked above current price levels — a structure that typically appears in extended bearish phases where each rebound becomes an opportunity to sell rather than accumulate.

SOL price dynamics (Source: TradingView)

For bulls, the roadmap is clear: reclaiming the former support band near $185 is critical to rebuilding upward momentum. Until then, the broader setup continues to favor sellers. If price breaks below $150–$155, the next significant liquidity area sits near $135, followed by $120 on deeper downside extensions.

Momentum indicators support this cautious view. The RSI’s approach to oversold territory suggests that while a short-term bounce is possible, the lack of bullish divergence limits conviction. Sustained recovery would require both technical confirmation — through a break of the descending trendline — and renewed strength in volume.

Flows and derivatives point to continued distribution

Spot and derivatives data reinforce the bearish narrative. According to Coinglass, Solana recorded $13.26 million in net outflows on November 5, part of a persistent streak of red prints dominating exchange flow charts. Continuous outflows signal that tokens are being moved onto exchanges rather than withdrawn, a behavior typical of distribution phases rather than accumulation.

Derivatives metrics show a similar pattern. Open interest dropped nearly 9.43% in the past 24 hours, while options volume fell more than 32%, suggesting traders are closing positions instead of building new exposure. Funding rates have cooled significantly, indicating that leveraged longs are being unwound. When price declines coincide with falling open interest and neutral funding, the market typically remains in a cleanup phase — not a bottoming one.

For now, the absence of fresh inflows or positive leverage signals points to an extended correction rather than an immediate recovery. The muted bounce from $155 underscores that buyers are defensive, not aggressive.

Outlook and key levels

As long as Solana stays below the descending trendline and fails to reclaim $185, the structure favors further downside. Immediate support sits between $150–$155, with the next target near $135 if that floor gives way. Bulls need to force a daily close above the EMA cluster to shift sentiment from distribution to accumulation.

The market remains in a “sell-the-rally” regime, where flows and positioning confirm that large holders are stepping back rather than adding exposure. A sustained return of positive exchange flows would be the first sign that sentiment is starting to turn.

Previously, we noted that Solana’s extended rally through September had entered a risk zone as on-chain activity began to cool. That expectation has played out, with the latest decline marking a full retest of lower channel support. Until accumulation reappears and EMAs begin to flatten, Solana remains in a controlled downtrend rather than a recovery phase.

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