Solana, like Bitcoin and Ethereum, faces intense selling pressure, with $160 serving as a local resistance level. Despite upside momentum, Solana's price hasn't surpassed this level. The blockchain received over $800 million in net flows over three months, more than Ethereum's layer-2 networks and other scalable blockchains.
Solana's high scalability and low fees have attracted many projects, leading to increased capital inflows. During this period, Solana outperformed others while Ethereum experienced massive outflows of nearly $800 million, possibly due to on-chain fee disparities and ETH dumps in Q3 2024.
For Solana to rise above $160 and sustain its uptrend, significant hurdles remain. Bitcoin's performance could impact the entire altcoin market, and the looming FTX token distribution could negatively affect SOL prices. Token Unlocks' plans to release SOL tokens starting December 2024 could also add pressure.
