Solana (SOL) is currently trading at $183.40, down 3.20% in the last 24 hours. The recent pullback follows a failed breakout attempt above the key resistance level of $205, a zone that has historically acted as a supply wall.
The rejection has sparked a short-term cooldown, but overall market activity around SOL remains high, with both volume and liquidation metrics showing heightened trader interest.
Solana reset? Open interest falls 13%
Despite the price drop, Solana’s trading volume jumped 14.05% in the past 24 hours to $40.70 billion, reflecting active participation across exchanges.
However, open interest fell by 13.11% to $10.48 billion, suggesting that leveraged traders may be de-risking or exiting positions after the failed breakout.
This reduction in open interest can act as a reset, potentially laying the foundation for a more stable rally if buyers return.
SOL’s path to $275 starts at $195 breakout
From the technical point of view, if Solana manages to reclaim the $190–$195 zone and sustain momentum, a retest of $205 is likely.
A confirmed breakout above this level could open the path toward the long-term target at $275, which aligns with previous highs. On the downside, holding above the $165 support is critical to maintaining bullish structure.
As the price retraces, immediate support sits at $165 and $160, while a rising trendline from mid-April continues to offer dynamic support. As long as this structure remains intact, the broader bullish trend is still valid.
Liquidation heatmap shows clustered risk above $190
Data from Binance’s 24-hour liquidation heatmap shows dense liquidation clusters between $195 and $205, which coincides with the recent rejection zone.
A series of long positions appear to have been wiped out during the sharp drop, with cascading liquidations adding downward pressure.
On the flip side, areas around $180 and below show minimal liquidation activity, suggesting reduced risk and possible accumulation zones.
Solana holds bullish trend despite caution
While short-term sentiment is tilted toward caution due to the failed breakout and decline in open interest, the broader trend is still technically bullish.
The increase in volume suggests that traders are still active, and a consolidation phase near current levels could provide a launchpad for another breakout attempt.