Solana Price Stuck in Bearish Trap as Sellers Dominate Futures Order Flow

Solana's price is currently trading at $119.34, down 1.61% on the session after failing to hold a morning high of $123.37.

The most important data point right now is the taker buy/sell ratio, which sits at 0.6519, indicating that sellers are outpacing buyers by nearly 3-to-2 in aggressive futures order flow.

This has led to a near-term shakeout towards $113-$116 being predicted as the first step, followed by a potential move to $130 if SOL finds support and buyers re-engage.

The broader crypto market backdrop isn't offering Solana any relief, with its price action remaining tightly correlated with Bitcoin sentiment, which is currently in consolidation mode.