TLDR
- SOL price is currently consolidating near $145 after declining from $155 zone
- A whale recently staked nearly 194,000 SOL (worth $28.7 million)
- Solana topped protocol revenue charts for Q1 2025, outperforming Ethereum
- Technical indicators show a breakout above the Ichimoku Cloud, signaling bullish momentum
- Price faces resistance at $150, with potential targets at $160 if bulls maintain control
Solana’s price has been showing mixed signals recently, with both bullish and bearish indicators appearing across different timeframes. After reaching highs near $154, SOL has pulled back and is now trading in a consolidation pattern around the $145 level, with traders closely watching key support and resistance zones.
The cryptocurrency recently declined below the $150 and $148 levels against the US Dollar. This drop has placed SOL below the 100-hourly simple moving average, suggesting short-term bearish pressure.
Technical chart analysis reveals a short-term rising channel or continuation pattern forming with support at $144 on the hourly chart. This pattern could provide clues about SOL’s next directional move.
On the upside, SOL faces immediate resistance near $147, with more substantial resistance at the $150 level. Breaking above these levels, especially the $155 resistance zone, could trigger another steady increase, potentially targeting $165 or even $180.
However, failure to overcome the $150 resistance might lead to further declines. In such a scenario, initial support lies near $145, with major support at $142. A break below this level could push the price toward $135 or even $122 in a more severe correction.
Whale Activity Boosts Confidence
A recent on-chain development has caught the attention of investors. A whale investor staked over 194,000 SOL, worth approximately $28.7 million, in a single transaction. This significant stake signals strong conviction from large holders in Solana’s long-term potential.
When major investors commit to locking their assets through staking, it often reflects confidence in the project’s stability, upcoming developments, or expected network growth. This type of whale activity tends to be interpreted as bullish behavior in the crypto market.
The timing of this whale staking coincides with Solana’s strong performance in terms of network revenue, potentially reinforcing the positive outlook for SOL in the coming weeks.
Strong Fundamentals Driving Growth
Beyond price action and whale movements, Solana’s fundamental metrics have been impressive. According to data from Glassnode, Solana outpaced every other blockchain in protocol revenue for Q1 2025, including 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 achievement is particularly noteworthy given the broader market conditions. While much of the crypto space has been focused on memecoins and short-term trends, Solana’s ability to generate substantial revenue indicates growing user activity and successful monetization within its ecosystem.
The combination of strong revenue figures and increased staking activity suggests that Solana’s network is maturing into a robust economic engine, moving beyond just speculative interest.
These fundamental strengths may provide a solid foundation for SOL’s price action moving forward, especially if technical indicators align with these positive developments.
Technical chart patterns show SOL has broken above the Ichimoku Cloud on the daily timeframe, which many traders consider a bullish signal. The cryptocurrency is currently navigating the $138-$140 resistance zone, with $160 emerging as a potential target if buyers maintain control.
The current price is hovering around the $145-$150 region, which has shown some congestion. Without increased trading volume, the price might experience choppy action before attempting to break higher.
Some analysts have observed a correlation between Solana’s price movements and global liquidity trends. As measured by M2 money supply, expanding liquidity typically corresponds with rising prices for SOL, adding another potential tailwind to the bullish case.
For traders taking a contrarian view, there are signs that SOL may need to reclaim the recent swing high around $150 before staging a significant rally. A pullback toward the $140-$135 range remains possible, which could shake out shorter-term traders before a stronger move upward.
The trading hours Relative Strength Index (RSI) for SOL/USD is currently below the 50 level, suggesting momentum may still favor sellers in the very short term despite the more bullish longer-term outlook.
SOL’s next major move will likely be determined by how it interacts with the critical $150-$155 range, which has served as both support and resistance historically. A decisive break above this zone with increasing volume could open the path toward $160 and beyond.
