$SOL Solana (SOL) experienced notable selling pressure on May 5, 2025, driven by both technical and macro factors. Below is a concise overview.

Summary

SOL fell approximately 6 % intraday, trading near $112 by U.S. market close, after breaching a key support at $120. High-volume selling by whale‑level addresses and broader cryptocurrency market weakness contributed. On‐chain metrics show elevated outflows to exchanges, while derivatives data point to rising SOL futures open interest and liquidations, suggesting short‑side momentum.

Price Action

SOL opened around $119 and dropped to an intraday low of $108—a 9 % range—before settling at $112 (–6 %) by 4 pm ET.

Trading volume surged to $2.8 billion (24 h), up 45 % vs. the 30‑day average, indicating strong selling interest.

On‑Chain Flows

Whale addresses (≥1 M SOL) transferred 4.2 M SOL to exchanges—worth $470 M—over 24 h, the largest single‑day outflow in three weeks .

Net exchange inflow totaled +1.8 M SOL, signaling supply dumping .

Derivatives & Sentiment

SOL futures open interest rose 12 % to $850 M, with 65 % of new positions on the short side .

Liquidations of long positions exceeded $45 M in 24 h, the highest since April 20, 2025 .

Technical Levels

Key support at $120 broke early in the session; next support lies at $105.

RSI dipped to 38, approaching oversold territory, which could invite technical bounces.

Drivers

1. Macro crypto weakness: Bitcoin and Ethereum also declined 4–5 % amid Fed rate‑cut uncertainty .

2. Network news: Delay in Solana’s proposed “Canopy” upgrade vote weighed on sentiment .