TLDR:
- SOL price is consolidating near $145 after declining from the $155 zone
- A whale recently staked nearly 194,000 SOL (worth $28.7 million)
- Solana topped protocol revenue charts in Q1 2025, outperforming Ethereum
- Technical indicators show an Ichimoku Cloud breakout signaling bullish momentum
- Price faces resistance at $150 with potential targets at $160 if bulls maintain control
Solana’s price has been moving through a period of consolidation, with technical indicators and on-chain activity painting a mixed but potentially optimistic picture for the cryptocurrency. After declining from the $155 zone, SOL is now trading around $145 and showing signs of forming a pattern that could determine its next direction.
The price started a fresh decline below the $150 and $148 levels against the US Dollar. SOL is now trading below $150 and the 100-hourly simple moving average.
A short-term rising channel or continuation pattern is forming with support at $144 on the hourly chart. This pattern suggests the market is taking a breather before deciding its next move.
On the upside, SOL faces resistance near the $147 level. The next major resistance sits at the $150 mark and the 61.8% Fibonacci retracement level of the downward move from $153.90 to $142.64.
If SOL breaks above the $150 resistance zone, it could set the pace for another increase. In such a scenario, the next key resistance would be $165, with potential for movement toward the $180 level if momentum continues.
Whale Activity and Strong Fundamentals
Recent on-chain data reveals interesting developments for Solana. A whale staked over $28.7 million worth of SOL, approximately 194,000 tokens in a single transaction. This kind of large-scale staking often signals strong conviction in a network’s long-term potential.
💥BREAKING:
A WHALE JUST STAKED $28.7M WORTH OF $SOL
LETS GO 🚀 pic.twitter.com/Ajfm7liCzJ
— Crypto Rover (@rovercrc) May 3, 2025
When substantial holders commit to locking their assets, it typically reflects confidence in the project’s stability, future catalysts, or expected growth.
Beyond whale activity, Solana’s fundamentals have been impressive. According to Glassnode data, Solana outpaced all other chains in protocol revenue for Q1 2025, even surpassing Ethereum.
#Solana outpaced every other chain in revenue generation for Q1 2025. While narratives around memecoins dominated headlines, $SOL fundamentals tell a story of sticky usage and strong protocol-level monetization. pic.twitter.com/jN1xvHwcfE
— glassnode (@glassnode) April 25, 2025
This revenue performance suggests that underneath the market fluctuations, Solana’s ecosystem is developing into a serious economic engine. User activity and monetization appear to be gaining traction, strengthening the network’s position.
The combination of whale staking and strong fundamental metrics paints a picture of growing institutional confidence in Solana’s ecosystem.
Technical Analysis Points to Potential Breakout
On the technical front, SOL recently broke above the Ichimoku Cloud on the daily chart, which many traders view as a bullish signal. The price is currently hovering around the $138 to $140 resistance zone.
$SOL is above the cloud. Buy signal flashed on 1D.
Probably nothing… pic.twitter.com/jXr7zvHqd3
— Crypto Seth (@seth_fin) May 3, 2025
If bulls maintain control, $160 could be the next logical target. Momentum indicators aren’t overheated yet, which leaves room for continuation.
However, the path upward isn’t without obstacles. The $145 to $150 region is showing signs of congestion, and unless trading volume increases, the price might chop sideways before breaking higher.
If SOL fails to rise above the $150 resistance, it could start another decline. Initial support sits near the $145 zone, with major support at $142. A break below this level might send the price toward the $135 zone.
Some analysts maintain a cautious outlook, suggesting SOL needs to reclaim the recent swing high around $150 before any serious upside can materialize. There’s a possibility of a pullback toward the $140-$135 zone first, potentially clearing out weaker positions before a stronger push higher.
Global liquidity trends may also play a role in Solana’s price movement. Analysis tracking SOL against M2 money supply shows that as liquidity expands, Solana’s price tends to follow, adding another layer to the bullish case.
Solana continues to hold its structure above $140, but the critical action may come as it approaches the $150 to $155 range. This area has acted as both resistance and support previously, and price behavior here could set the tone for the next move.
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