Solana Falls 15% to $84.80 as Buying Pressure Halves
Solana slid about 15% to $84.80 after a 20/50 EMA bearish cross and rising sell volume. Glassnode shows exchange outflows halved to −1,308,054 SOL, leaving $83.38 exposed.
Solana’s SOL traded at $84.80 after falling roughly 15% from its May 11 peak. The 20-period exponential moving average crossed below the 50-period EMA on May 19.
The 20-period EMA is approaching the 100-period EMA from above; a cross would create two consecutive bearish crossovers. Twelve-hour selling volume increased beginning May 16 while price declined.
Glassnode’s Exchange Net Position Change recorded peak net outflows of −2,640,261 SOL on May 14 and narrowed to −1,308,054 SOL by May 19, indicating a reduction in net outflows over five days.
Glassnode’s cost-basis heatmap shows about 14 million SOL acquired between $87.10 and $87.81, creating an overhead concentration. Below the current price range, the heatmap shows light supply concentration.
Key price levels on the chart include $83.38 as the immediate floor. A daily close below $83.38 would expose the April 29 swing low at $81.37. A further breach under $81.37 would open a path toward $76.70.
On the upside, reclaiming $87.40, a level lost on May 16, would coincide with retaking the cost-basis cluster. Additional upside levels visible on the chart are $96.77, the 0.786 Fibonacci level, and the recent peak at $98.39.
Observers are monitoring whether $83.38 holds on daily closes and whether selling volume continues to rise or subsides.
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