According to CoinDesk Research’s technical analysis data model, solana The token fell 3.1% to $164.30 during trading on Tuesday as it broke through a key technical support level.
SOL fell from $169.54 to $164.26 in the 24-hour period ending 09:00 UTC on November 11, establishing a clear downtrend structure with multiple failure points above $170.
Selling accelerated during Asian trading hours, accumulating significant volume. Trading activity surged 58% above the daily average as SOL tested the important $163.85 support zone. The $8.06 range for the session represented 4.9% volatility, and the most significant spike in volume occurred at 06:00 UTC, with 1.47 million shares traded.
SOL underperformed the broader cryptocurrency market by 1.42% compared to the CoinDesk 5 Index (CD5), indicating targeted selling pressure on the token. A recent 60-minute analysis showed that the aggressive upside reversal quickly broke, with SOL surging from $164.07 to $164.97 before plummeting to $163.46, giving up gains. This whiplash movement highlighted the fragility of bullish momentum within an established downtrend.
The technical breakdown occurred without clear fundamental drivers, suggesting that profit-taking and momentum-based selling dominated price action. Intra-facility flows remained mixed as nighttime accumulation patterns conflicted with daytime distribution activities.
Technical breakdown vs support defense
With SOL breaking above the psychological level at $165 and the volume pattern indicating increased selling interest, near-term price action will focus on whether it can sustain the $163.50 zone as demand emerges. The downtrend structure remains intact with overhead resistance at $170.48 and $171.92 highs.
Momentum indicators deteriorated throughout the session as attempts to move higher waned. Volume analysis reveals that the retest of the high has increased selling pressure, while the pullback has attracted minimal buying interest, confirming the bearish bias in the short term.
Key technical levels suggest SOL vulnerabilities
Support/Resistance: Currently, key support is testing $163.50 after breaking above $165, while strong resistance remains at $170.50 after multiple breakout attempts failed.
Volume analysis: A significant volume spike of 1.47 million shares (58% above the 24-hour average) occurred during the support break, and selling pressure peaked at 66,399 shares during the decline at 9:16 UTC.
Chart pattern: The price lowered the highs at $170.48 and $171.92, establishing a downtrend structure with continued failure of technical support and loss of momentum.
Risk/Reward: The $163.50 level represents the next key test for the bulls, with technical indicators pointing to continued downside pressure towards the $160 psychological support zone.
CD5 Market Analysis: Institutional Rotation in Range Action
CD5 fell 1.63% in 24-hours from $1,851.31 to $1,821.19, with an intraday range of $1,868.63 to $1,816.85 and experienced a $52.78 increase in volatility, but institutional buying emerged during overnight trading and supported the recovery from the technical support at $1,817.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with standards. For more information, please see CoinDesk’s complete AI policy.