The crypto market is experiencing significant difficulties as Solana (SOL) suffers a severe slump, down 30.2% over the past month. According to on-chain data reported today by market analyst Ali Martinez, Solana has failed to hold the $150 support level and has even fallen below $144. SOL currently trades at $142, marking a new low witnessed on June 28, 2025. Solana’s plunge is a reflection of the wider cryptocurrency market, with most tokens facing a broad-based selloff as appetite for risk assets waned. BTC and ETH, which currently hover at $97,174 and $3,189, down 14.4% and 24.5% over the past month, respectively, highlight a significant shift in the broader market.
UTXO Data Indicates Key Support At $136
SOL is under pressure, currently trading at $142.63, down 8.1% in the last 24 hours and down 9.4% over the past week, respectively. The drop is a severe 105,6% fall from its ATH of $293.31 noted in January this year. The analyst shared a URPD chart (reported by Glassnode), showing a strong support level at around $136. As per the metrics, substantial amounts of SOL tokens were last moved at around this price level. This is not just a random figure; it is where multiple token holders purchased their coins.
Currently, SOL hovers at $142, above this support level. However, on-chain indicators show that Solana started forming a descending wedge pattern, hinting that the asset could drop below this support level soon. The presence of this technical pattern suggests a downtrend ahead as some volatility is likely to come, and as a result, could trigger SOL to slump to the $124 region, as pointed out by the analyst.
Major Factor Behind Solana Market Decline
The reason for Solana’s fall is due to weakened institutional demand, as indicated by decreased inflows into Solana ETFs. US spot Solana ETFs, which started trading two weeks ago, on October 28, 2025, registered their lowest daily net inflows ever ($1.49 million) yesterday, on Thursday, November 10, 2025. This signal reduced demand from institutional investors and bearish sentiment on the market.
