TLDR
- SOL is currently consolidating near $145 after declining from the $155 zone
- A whale recently staked nearly 194,000 SOL (worth $28.7 million)
- Solana outpaced other chains in protocol revenue for Q1 2025
- Technical analysis shows both downside risk below $142 and potential bullish momentum toward $160
- An Ichimoku Cloud breakout has been observed, signaling possible bullish momentum
Solana (SOL) has been experiencing volatility in recent days, with the cryptocurrency trading below key resistance levels. The price is currently consolidating near the $145 mark after facing rejection at higher levels.
SOL started a fresh decline after reaching approximately $155. The cryptocurrency dipped below several key levels including $150 and $148, forming a low at $142.64.
Technical indicators suggest Solana is now trading below the 100-hourly simple moving average. A short-term rising channel or continuation pattern is forming with support at $144 on the hourly chart.
The immediate resistance for SOL lies near $147, with more substantial resistance near the $150 level. If the price fails to break above $150, it could resume its downward trend.
Initial support on the downside is around the $145 zone. The first major support level is observed near $142. A break below this level might push the price toward $135, and further weakness could see SOL decline toward $122.
SOL Price
Whale Activity Boosts Confidence
A notable development for Solana’s outlook comes from recent whale activity. A significant player in the market has staked over 194,000 SOL, worth approximately $28.7 million.
This kind of substantial commitment from large holders often reflects strong conviction in the network’s long-term potential. When major investors lock their assets, it typically signals confidence in the project’s stability and expected growth.
The whale staking activity was first highlighted by Crypto Rover and represents one of the more substantial single staking transactions seen recently for Solana.
💥BREAKING:
A WHALE JUST STAKED $28.7M WORTH OF $SOL
LETS GO 🚀 pic.twitter.com/Ajfm7liCzJ
— Crypto Rover (@rovercrc) May 3, 2025
Market observers view this development as a potentially bullish signal amid broader market uncertainty. The willingness of major players to lock up significant capital suggests underlying confidence in SOL’s prospects.
Strong Fundamental Performance
Beyond price action and whale activity, Solana’s fundamental performance has been robust. According to data from Glassnode, Solana outpaced all other blockchain networks in protocol revenue for Q1 2025.
This achievement is particularly noteworthy given the competitive landscape. Solana generated higher revenue than Ethereum during this period, suggesting its ecosystem is developing into a formidable economic engine.
The strong revenue performance came during a quarter dominated by memecoin activity, highlighting that beneath the market noise, Solana’s user activity and monetization capacity are gaining serious traction.
This combination of whale confidence and strong fundamental metrics provides context beyond simple price action for Solana’s current market positioning.
Technical Analysis Suggests Potential Upside
Despite short-term downside risks, several technical indicators point to potential bullish momentum for SOL. A recent breakout above the Ichimoku Cloud on daily charts has caught the attention of technical analysts.
As highlighted by analyst Crypto Seth, SOL is currently hovering around the $138 to $140 resistance zone. If bulls maintain control, the $160 level could be the next logical target.
$SOL is above the cloud. Buy signal flashed on 1D.
Probably nothing… pic.twitter.com/jXr7zvHqd3
— Crypto Seth (@seth_fin) May 3, 2025
The technical setup shows momentum indicators aren’t overheated, suggesting room for continued upward movement. However, the $145 to $150 region shows signs of congestion, and increased volume would be needed for a decisive breakout.
Solana’s price action also appears to align with broader trends in global liquidity. A chart shared by Bull Bear Spot tracks SOL against M2 money supply, showing that as liquidity expands, Solana’s price tends to follow.
For now, Solana is maintaining a crucial structure above $140, with significant attention focused on how it behaves approaching the $150 to $155 range. This zone has historically served as both resistance and support.
The most recent price data shows SOL trading at approximately $145, with traders closely monitoring whether it can break above $150 to target $160, or if it will face rejection and retest lower support levels.
The price of Solana is currently balancing between bearish short-term momentum and potential longer-term bullish indicators, with recent price action showing congestion around the $145 level.
