Solana Trades Around $154 Following Loss of Support Amid Tariff Fears
Solana (SOL) faces pressure due to macroeconomic factors, particularly tariff concerns. The token is currently priced at approximately $154.50, within a trading range of $152.33 to $158.06, reflecting a 3.76% movement in the last 24 hours.
Key developments include:
- SOL dropped from $156.74 to $154.86 in one hour, breaking its mid-April uptrend channel.
- Open interest in SOL futures decreased by 2.47% to $7.19 billion; long liquidations rose to $30.97 million.
- Institutional activity remains strong with Circle minting $250 million USDC on Solana, increasing liquidity and solidifying its stablecoin position.
- SOL Strategies launched a $1 billion validator fund, indicating confidence in the protocol's scalability.
Technical Analysis Highlights
- SOL established a trading range of $5.73 ($152.33–$158.06).
- Support near $152.80 was noted during previous price action.
- A significant sell-off occurred with over 74,000 units traded rapidly between 01:53–01:54.
- Current consolidation around $154.50 indicates potential price stability but bears downside risk if volume does not improve.