The recent drop of 2.64% from the $180 level for SOL is not just another decline; it suggests that experienced holders are quietly selling off in exchange for stronger returns. Now, all eyes are on the bulls, and if they trigger a supply shock, these opportunistic shorts may find themselves in trouble, providing SOL with the momentum to break through the $180 resistance and aim for higher levels.

Currently, Solana's trading throughput has surpassed its market value, indicating that the chain is heating up behind the scenes.

But the real key is TVL. So far in May, Solana's total locked value has increased by nearly $3 billion, reclaiming the $22 billion milestone set in mid-February.

Even more surprisingly, the trading price of SOL at that time was 41% higher than the current spot price, and this valuation gap indicates that the market has yet to catch up with the fundamentals—this again suggests that capital allocation is still in the early stages, with much of the potential yet to be realized.

Since Solana surged 25% weekly, the supply of stablecoins on the network has plummeted from $13.09 billion to $11.71 billion, marking the largest drop in nearly three months. This rapid shrinkage is a typical sign of off-market capital flowing out of stablecoins and into risk assets.

In other words, this clearly indicates that the 'fear of missing out' (FOMO) sentiment is starting to rise, and liquidity is pouring into Solana.

The real signal lies in structural demand: addresses holding >1k SOL have jumped from 22,406 to 23,009—mid-tier whales are quietly building positions.

Meanwhile, open interest has surged from $5.45 billion to $6.6 billion, indicating increased speculative leverage and directional conviction.

All signs point to Solana preparing for the next big move. Liquidity is in place, confidence is growing, and the setup is textbook.

If the bulls break through the $180 threshold, it will not only trigger a breakout but may also set off a chain reaction: short liquidations, FOMO-driven entries, and a rapid move towards price discovery.