Solana Struggles as Users Drop and Bears Take Hold
Key Takeaways
- Around 27 million SOL changed hands between USD 144 and USD 156 – a strong resistance zone.
- Increased selling in this range suggests profit-taking and consolidation.
- Support zones at USD 123–144 and USD 94–100 are becoming more significant.
- Funding rates and liquidation data indicate a bearish market sentiment.
- Active users on Solana have dropped by 46% since January.
Resistance at USD 144: Why Many Are Selling Here
Solana (SOL) is currently facing strong resistance in the USD 144 to USD 156 range. According to on-chain data from Glassnode, nearly 27 million SOL have recently moved within this range. This suggests that many investors entered the market at these price levels – and are now selling as the price returns to these levels to take profits.
An additional 26.6 million SOL changed hands between USD 132 and USD 144. This also shows that many market participants positioned themselves here. As soon as the price reaches these zones, selling pressure increases. As a result, the price struggles to sustainably climb above USD 144.
Shift to Lower Price Zones
Between March 19 and 31, Glassnode observed a redistribution of SOL. While holdings at USD 147.49 slightly declined, they increased at USD 144.54. This indicates that investors are selling at higher price levels and accumulating at lower ones.
Particularly notable is the development around USD 112. Since January, the amount of SOL held at this level has more than doubled – from 4 to 9.7 million tokens. This points to growing support in this area.
Strong Support Between USD 94 and USD 100
Another important zone lies between USD 94 and USD 100. Over 21 million SOL were traded here – about 3.5% of the total supply. If the price continues to fall, this zone could serve as a stable support.
Funding Rates Indicate a Shift in Sentiment
The funding rate shows whether long or short positions dominate. Between March 18 and 24, the SOL price rose from USD 120 to over USD 140. During this time, the funding rate reached +0.0035 – a sign of many long positions.
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But starting March 25, sentiment shifted. The price dropped to USD 125, and the funding rate fell to -0.0047. This shows that traders became more cautious, reduced long positions, and expected falling prices. Since the end of March, funding rates have been moving in a neutral range – an indication of consolidation.
Liquidations Amplify Price Declines
Between March 24 and April 2, USD 7.6 million in positions were liquidated – including USD 5.6 million in longs. A sharp drop from USD 137 to USD 125 on March 28 alone triggered USD 3 million in long liquidations.
The liquidations were spread evenly across several exchanges such as Binance and OKX. This suggests a broad market reaction rather than isolated events.
Decline in Active Users
On January 20, Solana reached a peak of 6.5 million active addresses. Since then, the number has fallen by 46% to 3.5 million. Since March, activity has remained stable at around 2.5 million users. This indicates a consistent but less engaged user base.
Short-term spikes in January and March were likely due to special campaigns or product launches. Overall, user growth remains strongly event-driven.
Our Assessment
Solana is currently in a consolidation phase. The data shows a clear redistribution from higher to lower price levels. Resistance between USD 144 and USD 147 is strong, while solid support is forming below USD 130.
Traders and investors are showing caution. Funding rates and liquidation data indicate a wait-and-see attitude. The declining user activity also points to a phase of reorientation.
For you as an investor, this means: Solana is currently moving sideways. A breakout to the upside or downside could trigger new momentum. Keep a close eye on the price zones at USD 123, USD 112, and USD 100 – these could present new buying opportunities. A sustained breakout above USD 147, on the other hand, would be a bullish signal.
Sources
- Glassnode
- Coinalyze
- Token Terminal
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