Solana Stalls at $154.50 After Trendline Break, Market Eyes Next Move Amid Tariff Unease
Solana (SOL) is treading water near $154.50 after a sharp breakdown early Saturday disrupted its mid-April uptrend, with traders now gauging macro risks and fading momentum for clues on the next leg.
The token’s recent price action reflects indecision. After climbing as high as $158.06 during the 19:00 session on strong volume, SOL reversed course and fell swiftly to $154.86, slicing through the lower bound of its rising channel. The move, which occurred within an hour, marked a significant shift from the higher-lows pattern seen throughout May.
According to CoinDesk Research’s data model, SOL has now entered a tightening consolidation zone between $152.33 and $158.06—a 3.76% intraday range that highlights increasing short-term volatility as traders weigh the impact of global tariff tensions.
In the derivatives market, bearish pressure is building. Open interest in SOL futures has dropped 2.47% to $7.19 billion, while long liquidations surged to nearly $31 million. Minimal short-side liquidations suggest that bears remain firmly in control of the short-term narrative.
Yet, not all signals are negative. Circle’s recent $250 million USDC mint on Solana is reinforcing the chain’s leadership in the stablecoin sector, now handling 34% of all stablecoin volume. Meanwhile, institutional conviction remains visible through initiatives like SOL Strategies’ $1 billion validator fund, aimed at bolstering long-term network resilience and scaling.
Key Technical Takeaways
- SOL has carved out a defined range between $152.33 and $158.06, reflecting a 3.76% intraday move.
- The breakdown from $156.74 to $154.86 occurred quickly, with over 74,000 SOL traded in a one-minute burst between 01:53–01:54.
- The prior uptrend channel provided support near $152.80, which may now act as a key level to watch.
- Lower highs and softening volume in the latest sessions point to weakening bullish momentum.
- Consolidation at $154.50 shows short-term stabilization, though further downside remains possible without renewed buying interest.
