Key Insights :
- Solana’s price move above $150 was met with a rejection as SOL trades at $147.
- If SOL can hold above $145 after the pullback, it could comfortably reclaim $150 and surge higher.
- A prominent whale just staked $28M SOL.
- The aggregated order book depth difference turned positive in May signaling potential uptrend.
Solana (SOL) technical analysis showed that the price was trading around a key decision point that could define its trajectory in the near future.
Solana Technical Analysis
Solana technical analysis showed that the price broke above $150, rejected and then dropped modestly to $146.39 as of press time.
Worth noting was that the price drop of SOL had not breached the vital $145 support zone thus maintaining its position in this area.
With the price of Solana holding above the current zone might lead to a second attempt to break the $150 level.
A successful reclaim of $150 could open up potential to reach the following significant resistance at $180.02 through continued movement toward $160.
The $145 price point marked the lowest point before potential risks for Solana to start to increase. The most powerful support existed at $118 which made up the last protective defensive barrier.
A penetration through the $118 level would end the bullish structure by triggering more substantial market declines.
The double indicator lines from the MACD indicator remained at positions 5.10 for the signal line and 5.09 for the MACD line without signifying strong bullish momentum.
The short-term momentum of SOL weakened slightly based on the histogram which showed a reading of -0.01. This showed a divergence from bullish signals offered by the moving averages of the indicator.
The price holding position above its current zones will potentially reawaken bullish forces. The market could drop towards $130–125 if price rejection continues.
A potential price holding position at $145 or above would keep SOL bullish but any break below this level could trigger a test of the $118 defense zone during upcoming market phases.
Whale Stakes Big on SOL: What it Could Mean for Price
A sizable whale made a transaction of 193,909 SOL tokens worth around $28.78M through the second transaction on Kraken exchange.
The same value was withdrawn from Kraken before the whale made its accumulation move.
The wholesaler moved 66,101 SOL worth $9.81 million into staking to show commitment for the long run.
This whale set apart its stake of 4.2 SOL from its much larger transactions of 193,909 SOL and 66,101 SOL.
When supply becomes locked in staking pools the circulating market supply decreases while the token price may increase because of rising demand.
Large market movements by competitors through redemption or sale activity present the potential to cause temporary market pressure.
The performance of SOL’s price depends on market response and demand continuation following this strategic decision.
Aggregated Orderbook Depth
The aggregated order book delta change for Solana turned positive on May 1 which indicated a probable upward price movement.
The May 3 third market aggregation revealed a positive delta value of $2.18M when SOL traded at $148.45.
The price increased after major buy-side trading events which exceeded $13.3 Million in July and multiple spikes above $5 Million occurred during November and January.
The price dropped in mid-November after a negative delta swing exceeded -$13M. This positive buying pointed towards rising market demand from buyers.
A similar occurrence of negative order book deltas exceeding -$10M zones that happened in late March could reintroduce downward pressure on the market.
Future price appreciation might be supported by continued buyer strength yet investors require caution during any significant appearance of sell-side liquidity.