Key Insights :
- Solana led on-chain trading, with Solana, BNB Chain, and Ethereum accounting for 85% of DEX trading volume.
- A whale shorted BTC, SOL, and ETH with $230 million, while Crypto Beast allegedly planned a whale-led liquidation.
- SOL’s MACD turned positive, historically signaling a 76% chance of a continued upward trend over the next month.
A look into Solana (SOL) news showed a couple of positives from volume and price action. However, whale action signaled a potential challenge to appreciation. Here, we will dive into the key aspects of how Solana could react to these factors.
Solana News on Trading Volume
Solana has led onchain DEX trading this year, with over 35% of daily volume. It was nearly 50% ahead in January, and then the lead decreased slowly in March and May. Solana has proven to have better trading volume than Ethereum and BNB Chain.
Focusing on the BNB Chain, it started the year with a 5% market share but has now surpassed this with 30%. Despite being stable, Ethereum did not make much difference in the top rankings.
On a different turn, Base and Arbitrum One kept their positions steady, each having a 7–8% share during the same time.
While Solana is ahead, BNB Chain is introducing a new challenge. Eighty-five percent of DEX trading is controlled by just three big players: Solana, BNB Chain, and Ethereum.
Whale’s Short Trades on SOL, BTC, and ETH
A person who has come to be known as a whale took a short position of $230 million across Bitcoin, Solana, and Ethereum. $117.96 million in BTC, $58.78 million in SOL, and $54.95 million in ETH were traded. T
he cost for BTC was $103,655, $175.13 for SOL, and $2,522.28 for ETH. Each of the three shorts was in profit, and Solana’s had moved up $3.37 million and was priced at $165.63.
Due to its size and the timing, this event made people worry about Solana’s price when shorting continued. Since bears might see the profits, bulls could sell that stock in such a way that causes a short squeeze.
Once Solana rose to $175, over-leveraged positions could face liquidation, thus increasing the price. Still, frequent selling might check the rise of the market.
Bitcoin and Ethereum share the same trend. Overall, large price movements in Solana were determined by the mood of the market and the actions of major traders.
Solana News on Price Action
Solana (SOL) flipped its MACD to positive on May 8, 2025, as the MACD line crossed above the signal line at 5.5. Such a crossover has previously been followed by a rise in prices 76% of the time, or 47 out of 62 times.
When the crossover occurred, SOL traded around $175 after dropping a bit. The price could reach $210, following the usual trend after a similar MACD signal. Since the MACD histogram is above zero, the market still has bullish sentiment.
However, if the demand for SOL weakens and the MACD heads back toward the signal line, the cryptocurrency may move down toward $140.
According to the chart, the most likely outcomes were $210 for bulls and $135 for bears. A ‘buy’ signal indicated that the trend could keep rising, although everyone should watch the $175 region for a better indication.