Solana Price Breaks $168 Support: What’s Next?

Key Insights

• Solana price breaks $168 support and targets a $130 support zone.
• Major sell-offs on Kraken increase downward pressure on SOL.
• Futures open interest drops, signaling trader caution and bearish sentiment.

Solana price dipped below $168, which means there is a change in the market trend. Indicators and the movement of SOL on Kraken suggest a higher level of selling is happening.

Solana Price Technical Analysis Signals Bearish Momentum

Solana price showed a bearish pattern on the daily chart. The Rising Wedge signals a potential price decline. At press time, SOL was trading at $158.92, falling below the wedge’s lower trendline.

This breakdown usually indicates further downward movement. A drop to $130 could be the next target based on the wedge’s projection.

Technical indicators back up this point. The Relative Strength Index (RSI) was 43.27 and has entered the oversold region, indicating that selling is increasing.

At the same time, the CVD value was -46.46K. This reflected that more selling volume is happening than buying volume. Solana price was expected to grow by 5.45% and reach $170.44 on June 28, 2025.

Technical indicators predicted a bearish state. However, the Fear & Greed Index was at 60 (Greed). In the last 30 days, Solana saw 16 gains (53%) and its prices moved by 7.27%.

Solana Price Futures Open Interest Drops 4%

Data on Solana futures open interest shows a total of $3.5 Billion across all contract types. However,  it has dropped by 4.64% in the last 24 hours.

Perpetual contracts reflected the same percentage decline. On the other hand, futures contracts held a smaller share and have decreased by 4.97%.

Among derivatives platforms, Binance and Bybit lead in open interest, with more than $1 Billion each. Reduced open interest means some traders pull back their positions, signaling short-term worry.

The total open interest remains high. However, the recent drop and negative price action may reflect waning trader confidence in the near term. This reduction could lead to further cautiousness among market participants.

Large Deposits to Kraken Signal Increased Selling Pressure

Pump.fun sent to Kraken 156,425 SOL tokens worth $25.74 million. During this period, they transferred $640 Million in SOL to Kraken. They also sold 3.49 million SOL, equivalent to $41.64 Million, for USDC.

Lookonchain reported these transactions. Large transfers of tokens to an exchange generally suggest the action is to sell, since they allow trading activities.

Selling at lower prices than previous deposits indicates traders are accepting declining prices. This typically increases the pressure of sales in the market.

If more SOL is added to exchanges, the Solana price might drop further. A price decline depends on whether buyer interest is strong enough to absorb the supply.

Market Sentiment Reflects Bearish Consensus for Solana Price

MarketProphit reports that the crowd and major financial institutions have a bearish outlook on the Solana price. This suggests weaker confidence in future gains.

Crowd Sentiment is -0.45, suggesting most retail traders think the prices will decrease. This Sentiment score indicates that large holders and insiders are quite cautious about the asset.

When both types of investors agree that the price will fall, it keeps pushing prices downward. This situation suggested that the Solana price will likely fall because of the bearish environment.

Funding Rate Trends Add to Bearish View

Solana’s funding rate chart shows that the market is becoming more bearish. In mid-May, the frequency and depth of negative shifts in the funding rate increased.

Short positions are paid by longs, which means the funding rate is slightly negative. Negative funding that persists for a while tends to pressure selling, since short sellers can profit and contribute to falling prices.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.