Solana (SOL) is trading sideways around $154.50 after slipping below its mid-April ascending trendline, with macroeconomic uncertainty and renewed U.S. tariff fears rattling investor sentiment across the crypto space. The asset has logged an 11.7% weekly decline, highlighting its vulnerability to both technical breakdowns and external market pressure.
The drop follows a recent court ruling that revived Trump-era tariffs, unsettling broader financial markets and prompting a risk-off environment in digital assets. SOL fell from $156.74 to $154.86 in a single hour, breaking through the key $165.94 support level that had previously anchored its bullish trajectory.
Bearish Sentiment Grows Despite Network Strength
According to CoinDesk Research data, Solana is currently trading in a tight range between $152.33 and $158.06, reflecting a 3.76% intraday swing. Though previously showing resilience via higher lows, the recent breakdown below the trendline and declining volume signal bearish short-term momentum.
Key indicators include:
- Open interest in SOL futures down 2.47% to $7.19 billion
- Long liquidations surged to $30.97 million
- Minimal short liquidations, indicating downside bias
Despite the pullback, institutional interest remains strong. Circle recently minted $250 million in USDC on Solana, cementing the network’s role as a stablecoin powerhouse. Solana now facilitates 34% of all stablecoin volume, showcasing robust on-chain utility.
Additionally, long-term optimism remains intact. The $1 billion SOL Strategies validator fund reflects deep investor confidence in the chain’s scalability and infrastructure.
Technical Outlook: Support Holds, But Fragile
Technical data shows:
- SOL is consolidating around $154.50
- Key support at $152.80 continues to hold
- Volume remains muted, a critical factor for any sustained rebound
Solana briefly peaked at $158.06 during a strong volume burst but quickly reversed, suggesting failed breakout attempts and weak follow-through. With lower highs now forming and derivative markets flashing caution, the token could face further downside if volume and sentiment fail to recover.
Conclusion
Solana’s current consolidation near $154 reflects tentative support, but the loss of bullish momentum and external macro risks signal caution for traders. While on-chain activity and institutional engagement remain robust, short-term price action may stay volatile until clarity returns to global markets and trading volumes improve.
Solana bulls must defend the $152–$154 range to avoid a deeper correction — but long-term fundamentals remain strong.