Solana (CRYPTO: SOL) is locked in a critical battle at the $186 support zone as nearly $400 million in outflows pressure the market, threatening to drag the token lower.
The selloff comes just as Andreessen Horowitz's a16z crypto arm throws a $50 million lifeline into Solana staking giant Jito Foundation.
Solana Faces $186 Test As Flows Turn Negative
SOL Key Technical Levels (Source: TradingView)
Solana is under pressure after failing to sustain above $200, with the price hovering near $188 on Thursday.
Charts show SOL retesting the lower end of its symmetrical consolidation, with $186 support aligning with the 200-day EMA.
This level is a key pivot since a breakdown could open retracements toward $172 and $143 Fibonacci levels.
On the upside, resistance stands between $199 and $208, where the 50-day and 100-day EMAs intersect.
SOL Netflows (Source: Coinglass)
Exchange data from Coinglass shows that Solana has recorded nearly $400 million in cumulative outflows across the past three sessions.
This includes more than $110 million in outflows on Oct. 16 alone.
Persistent withdrawals suggest profit-taking and reduced short-term liquidity, which could limit near-term recovery attempts.
A16z Bets $50M On Solana Staking Protocol Jito
Jito Foundation, a Solana-based staking and validator protocol, raised $50 million through a private token sale led by Andreessen Horowitz's a16z crypto, the firm said on Thursday.
According to the foundation, proceeds will fund the expansion of Jito's open-source validator infrastructure and its liquid staking product, JitoSOL, which holds over $3.2 billion in market capitalization.
The investment follows Jito's launch of its Block Assembly Marketplace (BAM) in September, an infrastructure layer designed to optimize transaction ordering and validator efficiency.
"This isn't just about scaling," said Brian Smith, president of Jito Foundation, in a press release.
"It's about helping everyone on Solana extract more value while making the network more transparent and programmable", he added.
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