Solana Faces Selling Pressure as $202 Million Worth of SOL Tokens Move to Exchanges

Solana has experienced a substantial outflow, with approximately $202 million worth of SOL tokens being transferred to exchanges, increasing the selling pressure. According to NS3.AI, the MVRV metric suggests a prolonged undervaluation, akin to a capitulation phase last observed in May 2022. This phase led to a 17-month price depression before recovery. Currently, SOL is trading around $86, positioned between resistance at $90 and support at $81. There is potential for further downside risk if the support level breaks, or an upside rally if the $90 resistance is reclaimed.