Solana’s price is struggling to find lasting support this November 6th. Data from Glassnode and technical analysis show a growing imbalance. The Solana price recovery faces renewed selling pressure, tilting the balance toward the bears. Despite a slight 1% rise in the last 24 hours, the asset has accumulated a worrying 31% drop over the past month. The early November crash pushed SOL near $146, but the subsequent rebound lost steam almost immediately.
Key technical indicators are showing warning signs. The 50-day Exponential Moving Average (EMA) is approaching a dangerous bearish crossover below the 100-day EMA. This move, signaling a weak trend, usually indicates that buyers are losing control. Likewise, the On-Balance Volume (OBV) does not confirm the rallies. The OBV remains trapped under a descending trendline. This demonstrates that the rallies lack real accumulation and are driven by short-term speculation.
This pattern of failed bounces has become familiar for SOL. Each recovery attempt fades quickly because the balance needed for a sustainable recovery is not present. The rebound attempts seen between October 12 and November 2 touched the OBV’s descending line. However, they all failed, and sellers regained control. The reason is simple: the lack of buyer conviction is evident in the volume.
Are exchange flows sealing SOL’s short-term fate?
On-chain data on exchange flows confirm the bearish turn. On November 4, significant net outflows of -293,015 SOL were recorded from platforms, suggesting accumulation. However, just one day later, on November 5, the metric changed dramatically. A net inflow of +17,649 SOL was reported. This 106% shift from outflows to inflows in 24 hours is a clear bearish signal. It indicates renewed selling pressure, where traders are moving their cryptocurrencies to exchanges to liquidate positions.
Currently, Solana is trading near $159. This area hovers around the 0.236 Fibonacci retracement level. The immediate critical support is located at $146. If selling pressure manages to break that key level, SOL could test deeper support at $126, confirming further weakness. On the other hand, for the Solana price recovery to be valid, it must restore its technical balance. It needs to overcome the first resistance at $168. To do so, the OBV must break its downtrend. Sustained outflows would also be needed. The next major barriers lie at $182 and $192.
