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Solana continued to come under pressure on December 24th with the price trading below an important short-term support area.
Despite the ecosystem developments, caution is reflected in the market structure as liquidity-driven movements dominate the intraday direction.
Repeated failure to regain higher levels will erode bullish confidence and strengthen near-term downside risks.
Observing the price movement, the price is largely confined within a wider $122-$145 range compared to recent sessions.
Sellers maintained control as upward momentum failed to attract sustained follow-up buying interest. This compression caused traders to focus on nearby liquidation levels rather than continuing the trend.
Source: TradingView
Solana (SUN) RSI remained near the neutral 40 line, reflecting weak momentum and limited directional confidence.
MACD remained below its signal line, highlighting continued bearish pressure without a clear reversal signal.
Will Whale decide Solana’s next major move?
Onchain data from Onchain Lens showed Sharp divergence between two prominent whale addresses holding opposing leveraged SOL positions.
Whale “0x0e4” held a 20x SOL long position facing losses exceeding $5.78 million. Additionally, buying 20x BTC and 10x HYPE brought total unrealized losses to approximately $8.5 million.
In contrast, whale “0x35d” held a profitable 20x SOL short position worth approximately $11 million. This position was gradually reduced, suggesting controlled profit-taking rather than aggressive risk-off behavior.
The same whale also held leveraged BTC and ETH positions, with total profits exceeding $27.7 million.
Infrastructure Catalyst: Coinbase Expands SOL
coinbase Support Announcement During the same period, SOL deposits and withdrawals can be made directly through the Base network.
The integration enables seamless transfers between Solana and Base without relying on existing third-party bridges. This development connects Solana’s high-speed ecosystem with Base’s Ethereum-based liquidity.
Users gained the ability to utilize SOL as an ERC20 token within Base-based decentralized finance applications.
Market participants highlighted reduced transaction friction and improved cross-chain accessibility as key benefits. However, limited availability in several jurisdictions limited its immediate global impact.
Liquidity concentrated between $121 and $133
The 48-hour liquidation heatmap showed concentrated downward liquidity between the $121 and $122 levels.
This area had high levels. Focus on leveraged buy positions Vulnerable to forced liquidation. Prices fell in recent sessions as liquidity remained unclear.
Source: Coinglass
Upward liquidity appeared to be concentrated around $128.5 to $129.5, with the secondary level being around $131.5 to $133. This zone represents accumulated short positions that can act as upside magnets during momentum changes.
Until then, price reaction had been muted and the strength of the corrective bounce was lacking.
final thoughts
- Solana’s action near $122 remains important in determining continuation or stabilization at $117.
- A sustained recovery above $125 may have shifted momentum toward a higher liquidity target near resistance $145.