As the broader cryptocurrency market faces heightened volatility, Solana (SOL) has managed to maintain its position above the critical $143.5 support level. This resilience, largely fueled by a brief Bitcoin (BTC) surge, has kept SOL traders optimistic about the altcoin’s next move.
Market Sentiment & Price Momentum
On May 6, SOL briefly dipped below the $143.5 mark amid a broader market slump. However, a quick 3% rally in Bitcoin’s price provided the necessary support for SOL to regain lost ground. At the time of writing, Solana is trading at approximately $147.50, up 2.75% over the past 24 hours, with an intraday high of $149.50.
Notably, trading volume surged by 40% within the same period, indicating renewed interest from investors. However, the uptick in trading volume may not be entirely positive, as recent on-chain data reveals that a crypto whale unstaked 120,197 SOL worth $17.55 million and transferred the funds to Binance. While the whale earned 3,802 SOL in staking rewards, the overall position still reflected a $7.8 million loss, suggesting potential selling pressure in the short term.
A whale has completely unstaked 120,197 $SOL worth $17.55M and sent it to #Binance after 6 months of staking.
— Onchain Lens (@OnchainLens) May 7, 2025
Overall, the whale has staked 120K $SOL ($25.36M) and earned 3,802 $SOL as a reward, yet it faced a loss of $7.8M.https://t.co/BM75ThvsBY pic.twitter.com/OU6uMwruD2
Technical Analysis – Key Levels to Watch
Solana’s price action over the past two weeks has been characterized by consolidation within a tight range of $143.5 to $154. Analysts consider this sideways movement as a bullish signal, indicating potential strength before the next major breakout.
Also Read: $200M Solana Whale Transfers: Breakout or Breakdown Ahead?
If SOL manages to break above $154, a 15% rally could propel the asset toward the $180 target. However, a drop below $143.5 could open the door for a decline to $132 in the near term.
Crypto analysts also point to the $120 support zone as a critical level to watch in the event of another market downturn. Historically, this level has acted as a strong buy-the-dip opportunity for SOL, offering potential upside for traders seeking to capitalize on any further price dips.
$120 continues to be the most important support level for #Solana $SOL! pic.twitter.com/tJ7H0G2rkS
— Ali (@ali_charts) May 6, 2025
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
