Solana’s price is showing difficulty sustaining its recent rebound attempts. Technical data and exchange flows, updated as of November 6th, indicate a growing imbalance. Selling pressure on Solana appears to be intensifying, frustrating recoveries before they can consolidate.
Technical indicators are showing warning signs. The 50-day Exponential Moving Average (EMA) is dangerously approaching a crossover below the 100-day EMA. This move is typically a sign that buyers are losing control of the trend. Likewise, the On-Balance Volume (OBV) remains trapped under a descending trendline. This suggests that recent price rallies lack real support from volume accumulation.
The most revealing data comes from exchange flows. On November 4, net outflows of -293,015 SOL were recorded, suggesting confidence and HODLing. However, by November 5, the situation reversed drastically. Net inflows of +17,649 SOL were registered. This 106% swing from outflows to token inflows on trading platforms indicates renewed selling intent from investors and retail traders.
Are Solana’s Key Supports Prepared for the Impending Bearish Test?
Currently, Solana is trading near $159, hovering around the 0.236 Fibonacci retracement level. The most immediate strong support lies at $146. If selling pressure on Solana manages to break that level, the price could quickly test the $126 zone, confirming further weakness. For the asset’s overall economy, this instability halts bullish momentum. On the recovery side, SOL must overcome the $168 resistance. If successful, the next major barriers are at $182 and $192.
Solana’s rebound attempts will continue to fail as long as the market balance favors the bears. For any recovery to be sustainable, the asset needs to restore its technical balance. This requires the OBV to break its descending line and for net exchange flows to turn negative (outflows) again. Until that dynamic changes, SOL’s market balance remains tilted toward further price correction.
