Sell pressure is the tendency for selling interest to weigh on an asset’s price relative to available demand. It can arise when sellers accept lower bids, buyers withdraw orders or new supply becomes available for sale. It is not a standardized measure, and potential supply should not be confused with confirmed selling.
From available supply to execution
Suppose the best bid offers to buy 50 tokens at 20 and the next bid offers 100 at 19.8. An immediate sale of 80 tokens would fill 50 at 20 and 30 at 19.8, assuming the book does not change and ignoring fees. That illustrates how a sale can reach lower prices when nearby demand is limited.
Every token sold is also bought by someone. The imbalance concerns willingness to transact at current prices, not unequal quantities in completed trades.
Distinguishing signals from assumptions
Token unlocks, exchange deposits or a large sell wall may suggest possible supply, but they do not prove that holders have sold or will sell. Orders can be canceled and deposits can serve other purposes. Observed selling can also be absorbed by new demand, so sell pressure does not guarantee a continuing decline.