**Solana (SOL) Price Update: Bears Maintain Control Below $170 Support**
Solana (CRYPTO: SOL) is currently trading near $154 after losing the critical $170 support level. This breakdown confirms that sellers remain in control of the market. Negative netflows and falling open interest indicate that traders are reducing their exposure rather than accumulating on the dip. If SOL fails to reclaim $170 soon, the next downside targets shift to the $145-$150 liquidity pocket.
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### Sellers Maintain Control as Major Support Breaks
On the daily chart, Solana has failed to reclaim the 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs). All three EMAs are stacked downward and reinforce the descending trendline originating from the October peak. Currently, the EMA cluster between $185 and $192 acts as a significant overhead resistance zone. Any short-term bounce from here will likely face immediate selling pressure.
The breakdown below $170 is the most important structural event on the chart. This level held firm throughout August and September as buyers defended every test. Losing it decisively on strong volume confirms a clear shift in market control toward sellers.
Additionally, Solana has traded below the Parabolic SAR trend markers for several consecutive sessions. Historically, this pattern aligns with sustained downside trends and further continuation, rather than an immediate reversal.
If bulls cannot push the price back above $170 quickly, the $145 to $150 range emerges as the next logical support zone where liquidity is concentrated.
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### Spot Flows Turn Negative as Demand Weakens
Data from Coinglass shows persistent negative netflows for Solana through late October and into early November. On November 7 alone, Solana recorded nearly $5 million in net outflows from exchanges. This suggests that real tokens are leaving exchange wallets, indicating weaker buying interest and a willingness from holders to sell into market weakness rather than accumulate more tokens.
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### Futures Market Shows Longs Unwinding
Derivatives data provides a second layer of bearish confirmation. Open interest in Solana futures has dropped to around $7.45 billion, representing nearly a 3% decline in the past 24 hours. Falling open interest during a selloff typically implies that traders are closing long positions instead of adding new shorts — in other words, longs are unwinding their trades.
The options market mirrors this weakness. Options open interest has collapsed sharply, signaling a drop in demand for speculative upside exposure. Rising options volume coupled with falling open interest suggests that traders are actively exiting positions rather than building fresh directional bets.
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### Bulls Need a Daily Close Above $170 to Regain Control
For buyers to regain control, Solana must close daily above $170. This level previously served as strong structural support for several months. A decisive close above it would demonstrate that dip buyers have returned to the market.
Reclaiming $170 would also bring the price back inside the previous consolidation range. From there, the next upside targets would be $185 and $193, where the descending trendline and the 100-day EMA converge. Without clearing this key resistance zone, any rallies are likely to face rejection near the EMA cluster.
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### Outlook: Will Solana Bounce?
Solana’s price action currently signals bearish momentum as sellers maintain control below the $170 support. Negative netflows and declining open interest reinforce the cautious sentiment, suggesting traders are reducing exposure amid weakening demand.
That said, a decisive daily close back above $170 is crucial for bulls to regain footing and target higher resistance levels. Until then, traders should monitor the $145-$150 zone closely as the next potential support area.
Investors and traders are advised to watch price action carefully in the coming sessions to gauge whether Solana will break this downtrend or continue its slide lower.
https://bitcoinethereumnews.com/tech/sellers-maintain-control-as-major-support-breaks/