Solana at Critical Juncture: Will SOL Sustain Momentum Above $145 Threshold?
As of April 20, 2025, Solana (SOL) faces a pivotal moment as its price tests the crucial $145 support-resistance zone. Market analysts are closely monitoring this make-or-break level, which could determine whether SOL embarks on a bullish breakout or experiences a significant downturn. The cryptocurrency’s recent volatility has traders weighing technical indicators against broader market sentiment, with particular attention to on-chain metrics and liquidity pools. A decisive close above this threshold may signal renewed institutional interest, while failure to hold could trigger stop-loss cascades. This price action comes amid evolving regulatory frameworks (including FSA compliance discussions) and shifting DeFi yield opportunities across the Solana ecosystem.

Source: TradingView
Solana: 2 factors fuel momentum
Of course, the price action wasn’t moving in isolation. Large-scale movements have validated the shift in sentiment.
Galaxy Digital withdrew 606K SOL, worth $79.7M, from exchanges and staked 462K SOL ($60M), reinforcing long-term conviction among institutional players.
Additionally, network metrics show significant growth, with 29 million active addresses recorded—a 17% increase—and 374 million total transactions, surpassing all other chains combined.
Furthermore, DEX volumes hit $2.27 billion daily, overtaking Ethereum [ETH], while transaction fees surged 42% to $7.67 million.
This rise in on-chain demand reflects not only increasing user adoption but also expanding utility across Solana’s DeFi and NFT ecosystems, which collectively enhance the sustainability of the current uptrend.
Cautious leverage build-up
While spot market momentum strengthens, derivatives data shows traders remain cautiously optimistic.
Open Interest jumped 10.71% to $5.57 billion, while Options Volume soared 164.97% to $2.55 million, indicating growing interest in directional plays.
However, total volume fell 31.89%, and Options Open Interest dropped 15.20%, suggesting that traders are participating selectively, possibly hedging positions or awaiting confirmation.
This hesitation aligns with the critical nature of the $145 resistance level.
Source: Coinglass
Market sentiment shift?
Liquidations offered further insight.
Short liquidations reached $5.57 million, compared to just $81.9K in long positions, signaling that sellers were caught off guard during the recent rally.
Source: CoinGlass
This imbalance reveals strong upward pressure, possibly fueled by a short squeeze.
However, Funding Rates have remained neutral to slightly negative, showing that while prices are rising, many traders still hesitate to enter aggressive long positions.
Will bulls secure a breakout?
Put simply, Solana stood at a critical juncture. Its bullish structure was backed by strong technicals, whale conviction, and surging on-chain utility.
However, the $145 resistance zone remained both a psychological and technical barrier.
Should bulls succeed in flipping it into support, SOL could be primed for a swift move toward $180.
Until then, the market hovered at an inflection point—buyers gaining ground, but still needing confirmation to assert dominance.
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