TLDR
- Solana (SOL) price declined from $172 to around $154, down 1.61% in 24 hours
- Large whale transferred nearly 1 million SOL tokens worth $161 million, causing market concern
- Net realized losses reached $323 million at the $156 price level
- Chainlink CCIP launched on Solana as first non-EVM blockchain deployment
- SOL testing critical support zone between $150-$156 with potential for rebound
Solana price has dropped to $153.97, marking a 1.61% decline over the past 24 hours. The cryptocurrency fell from recent highs near $172 as selling pressure mounted across the market.
A major whale transfer has contributed to the recent price weakness. Nearly 1 million SOL tokens worth approximately $161 million were moved, creating uncertainty among investors. This large transaction has raised concerns about potential selling pressure.
The market impact has been substantial. Net realized losses have reached $323 million at the $156 price level, highlighting the scale of the recent selloff. These losses reflect the difference between purchase prices and current market values.
SOL has broken below the 34-day Exponential Moving Average at $163.20. Trading volume has increased during this decline, confirming bearish momentum in the short term.
The cryptocurrency now trades below key technical levels. The 50-period EMA sits at $165.04 while the 200-period EMA is at $163.18. Both moving averages now act as resistance levels.
Ecosystem Developments Provide Positive Backdrop
Despite price weakness, Solana’s ecosystem continues expanding. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has launched on Solana. This marks the first deployment of CCIP on a non-EVM blockchain.
Through the Cross-Chain Token (CCT) standard, token developers can now permissionlessly enable Solana support for cross-chain transfers using CCIP.
Launch partners of CCIP on Solana include @elizaOS, @graphprotocol, @maplefinance, @pepecoineth, @ZeusNetworkHQ, and more. pic.twitter.com/QK5HpBR4L8
— Chainlink (@chainlink) May 19, 2025
The integration opens new possibilities for cross-chain DeFi applications. Developers can now build applications that interact with multiple blockchain networks through Solana.
Solana has also released its App Kit toolkit. This open-source development tool helps creators build mobile decentralized applications quickly. The kit supports over 18 protocols across wallets, NFTs, and DeFi platforms.
Technical Analysis Shows Critical Support Test
SOL price is testing a rising trendline support that began in early May. The token has formed an ascending triangle pattern on the 4-hour chart. However, recent lower highs suggest seller dominance.
Key support levels include $150.70, $145.67, and $140.33. A break below $150.70 could trigger further declines toward these lower levels.
Resistance levels are positioned at $157.73, $163.18, and $165.04. The 50-day and 100-day moving averages provide additional support around the current price range.
The MACD indicator shows bearish momentum in the short term. The RSI has dropped below the 50 level, confirming negative sentiment.
Higher lows since mid-May indicate some buying interest remains. If SOL holds above $150.70 with strong volume, a bounce toward $157-$165 becomes possible.
Initial support on the downside sits near $155, with major support at $152. A break below $152 might send the price toward $145 or lower.
SOL currently trades below $160 and the 100-hourly simple moving average, with a bearish trend line forming resistance at the $160 level.
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