Solana (SOL) is currently in a tug-of-war between bullish optimism and sudden political-induced sell-offs. After a brief and thrilling climb past $181—enough to overtake Binance Coin (BNB) in the crypto market cap rankings—Solana’s rally came to a screeching halt. At the time of writing, SOL trades around $176, reflecting a 2.4% dip over the last 24 hours. The sharp reversal coincides with growing unease stemming from a controversial dinner involving former U.S. President Donald Trump and a Solana-based memecoin project that stole headlines for all the wrong reasons.
The question many investors are now asking: is Solana gearing up for another leg higher, possibly to $210, or is this pullback the beginning of a deeper correction?
Solana’s Brief Market Triumph—and Sudden Retreat
The start of the week looked promising for Solana bulls. Network activity was surging, and institutional chatter around SOL was picking up steam. That bullish momentum catapulted SOL past $186—a fresh 60-day high—and briefly pushed its market cap beyond $95 billion. For a fleeting moment, Solana even outpaced BNB to become the fifth-largest crypto asset by market value.
But things turned quickly. A political event, which included promotion of a Trump-themed memecoin built on Solana, stirred backlash and skepticism, especially from institutional observers wary of mixing high-profile politics with blockchain gimmicks. The result? A wave of sell pressure that saw SOL slide back toward the mid-$170s.
Still, it’s not all bad news for SOL holders. On a weekly basis, the coin is still up around 7%, and over the past month, it has logged nearly 17% in gains.
Derivatives Data Paints a Cautiously Bullish Picture
Despite the temporary retreat, market sentiment around Solana remains cautiously optimistic. Data from Coinglass reveals a notable drop in speculative exposure: futures volume sank over 46% to $11.31 billion, and open interest declined to $7.35 billion—a clear sign that leveraged bets are being trimmed.
Meanwhile, options activity showed a 67% decline in volume, but a slight uptick in open interest signals some hedging rather than outright bearishness. More telling are the long/short ratios across major exchanges. On Binance, the ratio stands above 2.05, meaning more than twice as many traders are betting on upside. Over at OKX, it’s even more bullish at 2.25. Notably, Binance’s top traders show ratios of 2.14 and 2.38 by account and position, respectively, pointing to strong whale interest in a rebound.
Liquidation data shows that in the past 24 hours, longs took the brunt of the hit—over $12 million liquidated—clearing excessive leverage from the system. That reset may pave the way for a healthier climb if market momentum returns.
Can Solana Still Hit $210?
From a technical perspective, SOL is holding up well. Price is currently consolidating just above key support between $172 and $174, an area reinforced by the confluence of 5-, 8-, and 13-day simple moving averages (SMAs). Holding this zone is crucial to keeping the bullish structure intact.
The Elliott Wave analysis suggests Solana may be entering a fifth wave that targets the $187–$190 range. If the coin can push beyond immediate resistance near $178 with meaningful volume, $210 could come into focus before this bull cycle peaks.
The Moving Average Convergence Divergence (MACD), however, hints at some near-term hesitation. The histogram is fading, and the blue MACD line is nearing a bearish crossover. This could signal a brief consolidation or a dip toward $170 before another attempt at higher ground.
Final Thoughts
Solana remains one of the most-watched altcoins in the current cycle, and despite recent political drama, its fundamentals and technical setup still support a potential move higher. As long as SOL maintains support above $172 and macro conditions—particularly Bitcoin strength above $106K—stay intact, a rally toward $210 remains within reach. However, investors should watch closely. A break below $170 could flip the script and signal the start of a corrective phase, possibly dragging SOL down to the $160 zone.
For now, the ball is in the bulls’ court—but caution is warranted.
