Solana remained under pressure on the 24th of December as the price traded below a critical short-term support region.
Despite ecosystem developments, market structure reflected caution as liquidity-driven moves dominated intraday direction.
Repeated failures to reclaim higher levels weakened bullish conviction and reinforced short-term downside risk.
Observing price action, the price stayed largely confined within a broader $122–$145 range over recent sessions.
Sellers maintained control as upside momentum failed to attract sustained follow-through buying interest. This compression kept traders focused on nearby liquidation levels rather than continuing the trend.
Solana [SOL] RSI hovered near the neutral 40 level, reflecting weak momentum and limited directional conviction.
MACD remained below the signal line, highlighting sustained bearish pressure without a clear reversal signal.
Will whales decide Solana’s next major move?
On-chain data from Onchain Lens showed a sharp divergence between two high-profile whale addresses holding opposing leveraged SOL positions.
Whale “0x0e4” maintained a 20x SOL long position that faced losses exceeding $5.78M. An additional 20x BTC and 10x HYPE longs pushed total unrealized losses near $8.5M.
In contrast, whale “0x35d” held a profitable 20x SOL short position valued at approximately $11M. This position was gradually reduced, suggesting controlled profit-taking rather than aggressive risk-off behavior.
The same whale also held leveraged BTC and ETH positions, with combined profits exceeding $27.7M.
Infrastructure catalyst: Coinbase expands SOL
Coinbase announced support for SOL deposits and withdrawals directly through its Base network during the same period.
The integration enabled seamless transfers between Solana and Base without reliance on traditional third-party bridges. This development connected Solana’s high-speed ecosystem with Ethereum-based liquidity on Base.
Users gained the ability to utilize SOL as an ERC20 token within Base-native decentralized finance applications.
Market participants highlighted reduced transaction friction and improved cross-chain accessibility as key benefits. However, availability remained restricted across several jurisdictions, limiting immediate global impact.
Liquidity concentrated between $121 and $133
The 48-hour liquidation heatmap revealed dense downside liquidity clustered between the $121 and $122 levels.
This zone represented a high concentration of leveraged long positions vulnerable to forced liquidations. Price gravitated lower as this liquidity remained uncleared during recent sessions.
Upside liquidity appeared concentrated near $128.5–$129.5, with secondary levels around $131.5–$133. These zones represented stacked short positions that could act as upside magnets during momentum shifts.
Until then, price reactions remained muted, and corrective bounces lacked strength.
Final Thoughts
- Solana’s behavior near $122 remained critical for determining continuation toward $117 or stabilization.
- A sustained reclaim above $125 could have shifted momentum toward higher liquidity targets near resistance at $145.
