Solana Drops 4.9% Breaking Below Key Support as Alameda Unlocks Continue

Core Insights - Solana (SOL) is experiencing renewed selling pressure, declining from $160.72 to $152.81, a drop of 4.9%, despite ongoing institutional support through exchange-traded fund (ETF) products [1] - The selling intensified due to a scheduled token unlock from Alameda Research and the FTX estate, releasing approximately 193,000 SOL tokens valued at $30 million [2] - Institutional demand remains strong, with Solana spot ETFs recording inflows of $336 million over the past week, marking the tenth consecutive day of inflows [3] Supply and Demand Dynamics - Alameda's systematic token releases create predictable selling pressure, while institutional flows provide underlying support, placing SOL in a challenging position [4] - The bankruptcy estate holds around 5 million tokens in locked or staked positions, with smaller monthly unlocks continuing through 2028 [4] Technical Analysis - A 60-minute analysis indicates bearish momentum as SOL breaks critical support at $156, with a significant volume spike during the breakdown [5] - This technical failure confirms earlier support breaches and establishes a descending channel targeting the $152.50-$152.80 demand zone [6] - Key technical levels indicate a consolidation phase for SOL, with primary support at the $152.80 demand zone and immediate resistance at $156 [7]