NOIDA (CoinChapter.com)—Solana (SOL) has traded within a narrow band since April 22, struggling to gain upward traction above the $153 handle.
As of May 7, the SOL price hovers near $146, extending a two-week horizontal pattern despite broader market volatility.
Bitcoin has failed to convincingly reclaim $95,000, while Ethereum trades near $1,820. Both are showing fatigue after April’s recovery. Altcoin momentum, meanwhile, remains largely fragmented. Within this context, institutional accumulation may emerge as a stabilizing force for SOL.
On May 6, DeFi Development Corp. (Nasdaq: DFDV), formerly Janover Inc., disclosed an $11.2 million addition to its Solana treasury, acquiring approximately 82,404.5 SOL tokens via BitGo’s OTC desk. This raises the firm’s total SOL reserves to 400,091 tokens, currently valued at $58.5 million, including staking rewards.
Some of the newly acquired tokens are locked, with the company committing to long-term staking. DeFi Dev Corp. also plans to acquire a Solana validator business for $3.5 million, with control over a 500,000 SOL stake and validator rewards integrated into its revenue model post-acquisition. Moreover, the CoinShares weekly fund flows data shows Solana investment vehicles saw $6 million inflows.
While this accumulation alone may not trigger a breakout, the signal to market participants is clear: institutional conviction in Solana is growing. That conviction and stakeholder-based alignment can offer a bullish undertone to an otherwise directionless market.
Bullish Setup Could Give SOL Fans Hope
The SOL USD trading pair has formed a bullish technical setup called the falling wedge, typically a bullish reversal pattern. It forms when price consolidates between two downward-sloping, converging trendlines. The upper trendline tracks lower highs, while the lower boundary connects declining lows with weakening sell pressure. As the range compresses, the breakout probability increases.
SOL is close to the wedge’s upper boundary, with the weekly candle now closing right near it. Volume has picked up, reinforcing the breakout signal. This behavior aligns with past falling wedge scenarios that resolved to the upside.
The projected target is calculated by measuring the wedge’s height and extending that vertically from the breakout point. Based on this, SOL could aim for the $330–$340 range, a spike of over 131% from current levels. While this level sits above its all-time high of $294, the wedge projection remains technically valid. However, it enters uncharted territory and lacks a historical price structure to support it.
Price action leading into the breakout shows a series of higher lows since March, suggesting accumulation. Multiple rejections near $120 further confirm a hard support zone for the token. The breakout now places focus on reclaiming $150–$155 as a short-term validation zone. If that flips, the next resistance sits near $175.
That said, traders should watch for a potential retest of the wedge’s upper trendline. Failing to hold above this zone could trap breakout buyers and force a pullback toward $130. While price discovery beyond $294 lacks historical precedent, the chart structure now supports a bullish bias with a technical ceiling near $337 based purely on pattern logic.
Bulls Struggle To Breakout Of Range Attempt Range Breakout
Solana price continues consolidating near the 0.5 Fibonacci retracement level, just above $146. The token trades between key exponential moving averages, with the 50-day EMA at $141 and the 100-day EMA capping upside near $151. Immediate resistance lies near $158. Flipping the immediate resistance would help Solana price target the resistance near $176.
Below current levels, SOL price sits on a short-term support shelf around $140. A breakdown here would expose the next support, which is near $134 and aligned with the 0.382 Fib level. Further weakness may drag the price toward the $120 zone, which coincides with the 0.236 level and marks the bottom of the late March accumulation range.
The RSI shows mild bearish divergence, failing to push above 60 despite higher price closes. Volume has also tapered off since the last breakout attempt near $149, hinting at waning momentum. Unless bulls reclaim $158 with strong volume, SOL price risks slipping back into the consolidation channel.
The 200-day EMA remains the macro pivot, now sitting near $161. That level also aligns with the Feb. 2025 breakdown zone. For now, the Solana price chart shows indecision. Bears defend the EMAs, while bulls attempt to sustain above $146. The next few sessions will decide whether this is a failed breakout or a setup for continuation toward the $170s.