Solana's Price Consolidates Near $144, 53% Gain Possible

Solana (SOL) has been experiencing a period of consolidation, with the cryptocurrency currently trading near $144. This price action is occurring between key support at $136.14 and resistance at $155.28. Technical analysis indicates the formation of a “cup and handle” pattern, which, when combined with a bull flag formation visible on daily charts, suggests a potential breakout.

If SOL manages to break above the $155.28 resistance level, analysts predict a potential price target of $220, representing a 53% increase from current prices. However, traders are advised to watch for volume confirmation and sustained price action above resistance to validate any breakout.

Recent whale movements have also caught market attention, with two massive transfers totaling over $200 million in SOL recorded from unknown wallets. These large transfers often signal potential market shifts, as they can lead to increased buying or selling pressure depending on the intentions behind the moves.

Social volume metrics show growing retail interest in Solana, though social dominance remains moderate. This indicates rising popularity but suggests the asset hasn’t yet reached peak market attention. If social interest continues to grow, it could attract more retail investors, potentially driving prices higher in the near term.

Solana’s stablecoin supply has experienced remarkable growth, increasing by 156% in 2025 to reach a new all-time high of $13 billion. Circle’s USDC dominates the Solana stablecoin market with a 77% share. These stablecoins are vital to Solana’s DeFi ecosystem, providing liquidity and increasing demand for SOL. Historical data shows a correlation between stablecoin inflows and price rallies. Between December 2023 and August 2024, a 230% rally in SOL price coincided with a 160% increase in stablecoin inflows.

Solana remains the second-largest blockchain by total value locked (TVL) and leads in decentralized exchange (DEX) volumes. The network’s TVL has grown from $6.1 billion on April 9 to $7.65 billion on May 6, representing a 25% increase in nearly 30 days. Daily transaction count has also risen by 25% over the last month, reaching 57.77 million transactions. Solana commands 27.7% of DEX volume market share, putting it ahead of both BNB Chain and Ethereum. Daily DEX volumes on Solana stand at $2.61 billion.

The derivatives market for Solana has seen increased activity, with $9.35 billion traded in 24 hours, marking a 12.88% increase. Options volume rose sharply by 411.70%, and Options Open Interest grew by 21.19%. These metrics suggest traders expect major price movement soon. Liquidation data shows $3.57 million in SOL positions liquidated in 24 hours, with long positions being liquidated more than short positions. This indicates some short-term selling pressure. While these liquidations suggest caution in the short term, they may create entry opportunities for those looking to establish positions.

The technical picture shows SOL price in a descending channel but compressing within its range. Bull flag patterns typically resolve with a break above the upper trendline. If Solana holds support levels between $120-$130 and breaks above resistance at $155.28, analysts see a path toward targets of $178 and potentially $220. For now, Solana continues to consolidate as traders watch for confirmation of the next major move.