Solana buying pressure halves as $83 floor is tested

Solana’s exchange net position change narrowed to -1,308,054 SOL as the token traded at $84.80 and approached the $83.38 support level on May 19.

The token has declined about 15% since its May 11 peak. The 20-period exponential moving average crossed below the 50-period EMA on May 19. The 20-period EMA was nearing the 100-period EMA, which would create a second consecutive bearish crossover if completed. Twelve-hour selling volume increased starting May 16. The price decline coincided with reports of large-holder selling.

Exchange net position change reached net outflows of -2,640,261 SOL on May 14 before narrowing to -1,308,054 SOL on May 19, indicating a reduction in net outflows over five days.

On-chain cost-basis distribution shows the largest visible cluster of about 14 million SOL was acquired between roughly $87.10 and $87.81, forming resistance above the current price. Below $84 the heatmap indicates low supply concentration and fewer holders with lower cost bases.

A daily close below $83.38 would expose $81.37, the April 29 swing low. A further break below $81.37 would expose $76.70. On the upside, reclaiming $87.40 would coincide with retaking the large cost-basis cluster. Clearing $96.77 and then $98.39 would be needed to reach the recent peak.

The near-term on-chain and technical picture includes reduced exchange net outflows from mid-May, the EMA crossover sequence, rising 12-hour selling volume and concentrated supply above the market.