$SOL Solana (SOL) experienced notable selling pressure on May 5, 2025, driven by technical and macroeconomic factors. Below is a concise summary.
Summary
SOL fell approximately 6% intraday, trading near $112 at the close of the U.S. market, after breaking a key support at $120. High-volume selling by whale addresses and broader weakness in the cryptocurrency market contributed. On-chain metrics show elevated outflows to exchanges, while derivatives data points to an increase in open interest in SOL futures and liquidations, suggesting a momentum on the short side.
Price Action
SOL opened around $119 and fell to an intraday low of $108, a range of 9%, before stabilizing at $112 (–6%) at 4 p.m. ET.
Trading volume surged to $2.8 billion (24 h), a 45% increase compared to 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, in 24 h, the largest outflow in a single day in three weeks.
The net inflow to exchanges totaled +1.8 M SOL, signaling a dumping of supplies.
Derivatives and Sentiment
Open interest in SOL futures increased by 12% to $850 M, with 65% of new positions on the short side.
Long position liquidations exceeded $45 M in 24 h, the highest level since April 20, 2025.