After Dropping Support, Solana Holds Steady Near $154 as Tariff Worries Impact Markets

Solana Slips Below Trendline, Consolidates Around $154.50 as Tariff Tensions Cloud Outlook

Solana (SOL) is holding near $154.50 after losing key trendline support established in mid-April, as geopolitical headwinds—especially renewed tariff concerns—inject fresh volatility into crypto markets.

After forming a steady ascending channel through late May, SOL broke lower during early trading hours, dropping from $156.74 to $154.86 in a single hour. The move snapped its short-term trendline and shifted near-term momentum to the downside.

According to CoinDesk Research, the token is now ranging between $152.33 and $158.06, showing a 3.76% swing over the past 24 hours. Although previous higher lows hinted at sustained buying interest, the recent breakdown has weighed on sentiment.

In derivatives markets, the shift is more pronounced. Open interest in SOL futures dropped 2.47% to $7.19 billion, while long liquidations spiked to $30.97 million. Meanwhile, the lack of short-side liquidations points to persistent bearish bias and reduced confidence among leveraged bulls.

Despite near-term weakness, Solana’s fundamentals remain firm. Circle’s $250 million USDC issuance on the network reinforces Solana’s lead in stablecoin throughput, with 34% of stablecoin volume now routed through its chain. On the infrastructure front, the launch of SOL Strategies’ $1 billion validator fund underscores continued institutional support for long-term scaling and adoption.

Chart Watch – Key Technical Insights

SOL traded within a 5.73-point range between $152.33 and $158.06, reflecting a 3.76% intraday move.
Strong accumulation was previously seen around $152.80, but recent selling disrupted the trend.
A session high of $158.06 was hit at 19:00 on elevated volume before momentum reversed.
A sharp breakdown occurred from $156.74 to $154.86, with over 74,000 units sold in under two minutes.
Price is now consolidating near $154.50, with falling volume and lower highs pointing to weakening short-term momentum.
Support near $152.30 remains critical to avoid further downside in the coming sessions.