Solana (SOL) is currently trading near the $154 mark, experiencing a slight decline of approximately 1.29% over the last 24 hours, amidst intense selling pressure and significant whale movements. A whale transfer of nearly 1 million SOL tokens valued at $161 million, coupled with $323 million in net realized losses at the $156 level, has underscored cautious sentiment among large holders amid prevailing macroeconomic volatility. Technical indicators reveal SOL recently broke below its 34-day EMA support at $163.20, with volume spikes amplifying the selling intensity. Nevertheless, the token still finds a critical support zone between $150 and $156, upheld by the 50-day and 100-day moving averages.
On the developmental front, Solana’s fundamentals remain robust with noteworthy ecosystem advancements. Solana has integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP), marking Chainlink’s first deployment outside of the Ethereum Virtual Machine environment. This integration enhances Solana's cross-chain decentralized finance (DeFi) capabilities, with over $19 billion in value now active. Additionally, the launch of the Solana App Kit streamlines mobile dApp development with support for more than 18 protocols, facilitating easier creation of wallets, NFT platforms, and DeFi applications, which could drive broader adoption.
From a technical outlook, Solana’s price is confined within a descending channel characterized by lower highs and lows, indicating persistent selling momentum. Key resistance levels to overcome include $158.33 and $160.79, while support cushions sit at $150.66, $142.14, and $134.01. Traders are advised to wait for bullish confirmation signals before entering long positions.
Meanwhile, the BTC Bull Token presale has raised over $6.38 million, growing interest due to its unique mechanism of distributing Bitcoin rewards and implementing token burns tied to Bitcoin’s price movements. The token offers a high staking APY (~62%) without lockups or fees, attracting passive yield seekers.