Solana (SOL) may be riding a minor uptick for now, but a storm could be brewing just above the current price range. The market’s order book data is flashing red, showing an overwhelming dominance of ask (sell) orders. This kind of imbalance could stall any near-term rally and drag the price down to levels not seen in weeks—possibly as low as $140. Let’s dig into the key indicators painting this bearish scenario for Solana.
Sell Orders Crowd the Market: What’s Next for SOL?
At the time of writing, Solana is changing hands at around $165, enjoying a modest 2% gain over the past 24 hours. However, under the surface, a different story is taking shape. According to real-time exchange data, there’s a heavy concentration of sell orders—or “asks”—sitting just above the current price zone, especially between $170 and $171.
This isn’t just noise; it’s a clear signal that a significant number of traders are preparing to offload their SOL holdings once the price creeps up a bit more. If these orders are triggered, it could flood the market with supply, intensify selling pressure, and snuff out any potential for upward momentum. In other words, what might look like a brief rally could end up being a bull trap.
This sell-side congestion isn’t unique to Solana either. Bitcoin (BTC), despite flirting with its all-time high near $108,000, is also encountering strong sell walls. If Bitcoin loses steam, it could ripple across the market and drag down altcoins like SOL, which often correlate closely with BTC’s performance.
Liquidation Risks Add Fuel to the Bearish Fire
On-chain data from Coinglass is adding another layer of concern. The liquidation map reveals a dense cluster of long positions poised to be wiped out if SOL dips further. If Solana drops even by a single dollar—from $165 to $164—over $35 million worth of long positions could be liquidated.
The stakes get even higher if the decline continues. A 3% drop to $160 could trigger liquidations totaling over $200 million. This kind of forced selling tends to accelerate price declines as traders are automatically exited from their positions, adding more downward momentum to an already fragile market.
In short, Solana is walking on thin ice, and the cracks are starting to show.
Technical Outlook: $175 Resistance Holds the Key
Zooming out to the daily chart, the $175 level stands out as a formidable resistance zone. Previous attempts to break past it have been rejected, and unless bulls can mount a strong push, the price could be headed back to a well-established demand area between $135 and $143.
This zone has historically acted as a springboard for price rebounds. In fact, RSI indicators suggest that every time Solana dips into this area, buyers eventually step in with enough strength to spark a rally. So, while the short-term picture looks grim, it may be laying the groundwork for a healthier, longer-term breakout.
However, getting there will likely require SOL to first flush out the weak hands and fill those sell orders that are currently pressuring the market.
Bottom Line: $140 Before $200?
Taking all factors into account—the dominance of sell orders, the looming liquidation clusters, and resistance at $175—it’s becoming increasingly likely that Solana will retest lower levels before making any meaningful attempt at recovery. The $140-$143 range appears to be the most probable zone for this correction, offering a potential reset point for the next bullish wave.
If history repeats itself, this drop could be the final shakeout before SOL gathers strength to retake $200. Until then, caution is warranted for anyone eyeing short-term gains.