Crypto analysis: Solana (SOL) holders are looking for selling pressure

Solana (SOL) crypto chart analysis:

Solscan confirmed that bankrupt FTX exchange’s address redeemed over $23 million form SOL staking. Now the traders are looking for either the tokens are transferred to centralize exchange or not, which will increase selling pressure for the coin to make price impact.

Solana crypto chart analysis

Solana has been experiencing a steady upward trend since October 2023. However, in recent months, its price movement has been more sideways. On March 18, Solana (SOL) reached a peak price of $210.18. Following this high, the token's price corrected and fell to $134.63. Since then, SOL has been trading within a range, fluctuating between $210.18 and $110.

If the selling pressure increases, Solana's price could drop to $125.61, which is a crucial support level and the low point recorded on March 1. Such a decline would represent a 6.71% decrease in SOL's value. This key support level is important because if the price falls below it, it could lead to further declines in Solana's price.

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On the other hand, there is a potential for an upward movement if certain conditions are met. If the daily candlestick closes above the high of $138 recorded on September 10, it could invalidate the current bearish outlook. In this scenario, SOL could aim for the $160 level, which is considered a psychologically important price point.

Overall, Solana's price movement is at a critical juncture. The token could either experience a decline if selling pressure mounts or potentially rally if it breaks above key resistance levels. Investors and traders should closely watch these support and resistance levels to better understand Solana's future price direction.