On December 25th, Solana (SOL) price continued to face pressure, failing to quickly recover after breaking below a short-term key support level, and market sentiment has clearly become more cautious. Although the Solana ecosystem is still advancing infrastructure and application expansion, the current market is more dominated by liquidity and leverage structures rather than fundamental narratives.
From a price structure perspective, SOL has recently been oscillating within the range of $122 to $145. Multiple rebounds have failed to attract sustained buying, leading to increased selling pressure at higher levels. Traders are more inclined to engage in short-term trading around liquidation zones rather than chasing trend-based rallies.
In terms of technical indicators, Solana’s RSI remains around 40, indicating a weak neutral zone with insufficient momentum; MACD is still below the signal line, suggesting that short-term downward pressure has not been alleviated, and there are no clear trend reversal signals in the market.
On-chain data shows that Solana’s next move may heavily depend on whale behavior. Onchain Lens tracked two high-leverage whales taking completely opposite strategies on SOL. One address holds a 20x leveraged long position, with unrealized losses exceeding $5.78 million; while another whale holds a 20x leveraged short position, with accumulated profits of about $11 million, and has begun gradually taking profits. This divergence reflects a high level of disagreement in the market regarding the short- to medium-term direction of SOL.
Fundamentally, a US compliant CEX announced support for direct deposits and withdrawals of SOL via the Base network, opening a liquidity channel between Solana and the Base ecosystem. This integration reduces cross-chain transaction friction, allowing SOL to be used in native DeFi applications on Base in the form of ERC20 tokens. Although this positive development enhances the infrastructure potential for Solana, its short-term impact on price remains limited.
Looking at the liquidation heatmap, a large number of long liquidation positions are clustered in the $121 to $122 range, forming a significant downward liquidity pool; meanwhile, the $128.5–$129.5 and $131.5–$133 ranges above are dense with short positions. Currently, the price is repeatedly pulled between liquidity on both sides, lacking effective momentum for a breakout.
Overall, Solana’s price is at a critical range decision point. If lower-side liquidity is triggered, SOL may face further pullback; if short liquidations are triggered, a technical rebound could occur. Until a clear trend emerges, price forecasts for Solana should continue to focus on whale movements and liquidity changes.
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