What to know:
- Solana rejected near $98 resistance, signaling weakening bullish momentum ahead.
- Derivatives data reveal mixed sentiment, falling open interest alongside sharply rising trading activity.
- Funding rates remain nearly neutral, indicating balanced market positioning without clear directional dominance.
Solana price is trading in a certain range because of the inability of the coin to move above an important resistance level that lies above the channel. Currently, the market is experiencing high volatility, but there is no visible bias in the price as it keeps testing key support levels.
At press time, SOL is trading at $84.12, reflecting a 2.47% fall during the last 24 hours, due to the ongoing effect of short selling on the price. Despite the bearish move, the activity in the market is still high, with a daily trading volume of $5.12 billion and a market cap of $48.65 billion.
Source: CoinMarketCap
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Solana Price Risks Further Decline
A popular crypto analyst, Ali Martinez, highlighted on May 18, 2026, that there is a significant technical formation behind the moves made by Solana. According to Martinez, the cryptocurrency failed to break through the upper boundary of the ascending channel at the price level of $98, which served as resistance previously.
Source: Ali Martinez’s X Post
This implies that the momentum of the upper part is now weakening, thus increasing the probability of Solana heading towards the lower part of the channel, which is currently at $78.
Such a move would not be considered a full reversal but rather a retracement since it happens after consolidation. This occurs following prior moves. The Solana price remains confined within the support and resistance levels.
Solana Derivatives Signal Market Consolidation
Information on derivatives provides extra understanding of how the Solana price is performing currently. The open interest has decreased slightly to 0.96%, reaching $2.82 billion, meaning that there is a small decline in the leveraged positions.
Source: Coinglass
In the meantime, the volume has increased sharply by 89.33% to $3.59 billion, indicating that despite the decrease in Solana price, there have been numerous transactions with continuous adjustments in positions.
Besides, the OI weighted funding rate remains at 0.0004%, which shows that there is equilibrium in the derivatives market. This is an indication that there is no monopoly in either buying or selling at the moment. It implies that the Solana price movement is in the consolidation phase as the market awaits what it will do after the present support level.
Source: Coinglass
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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