Solana Price Rejected at $136—Is a Drop to $100 on the Table?

Key Insights:

• Solana price rejected at $136 as bearish signals reappear on short timeframes.
• Over $120M bridged into Solana, but network fees remain under pressure.
• ETF optimism exists, but macro tension continues to weigh on crypto.

Solana (SOL) price’s recent rally appears to be losing steam. After briefly reclaiming $134, the price faced heavy resistance and slid back to the $130 range, raising doubts about a sustained breakout.

At the time of writing, Solana Price traded near $130.29, with intraday losses of around 0.7%, according to TradingView. The token failed to close above the 50-day exponential moving average (EMA), which currently sits near $137. That level has acted as a strong resistance throughout April, with bulls unable to gain control.

Solana Price Technical Rejection at $136 Raises Red Flags

The most recent rejection around $136 has caught the attention of several market watchers. Analyst Ali Martinez noted a potential bearish pattern forming—a right-angled ascending broadening wedge. According to his analysis, similar setups in early 2025 have led to sharp declines.

Meanwhile, lower-timeframe charts suggest a bearish divergence between price and RSI, usually an early warning of a possible correction. Solana has seen this setup play out before. Every divergence this year has preceded a dip in price.

On the daily chart, SOL remains stuck under a descending trendline. It has bounced off the $127 zone more than once in recent weeks, but momentum has not followed through. A decisive close above $147 could flip the structure bullish, but the price continues to stall below that mark.

Money Flows In—But Fundamentals Lag Behind

While the technical picture looks shaky, capital has returned to the Solana ecosystem. In the past 30 days, users bridged over $120 million into Solana from other blockchains, according to DeBridge. Ethereum accounted for $41.5 million, followed by $37.3 million from Arbitrum. Base, BNB Chain, and Sonic contributed smaller inflows.

Solana’s total value locked (TVL) climbed to $6.9 billion, making it the second-largest blockchain by deposits, according to DefiLlama. However, network fee revenue has dropped considerably. After peaking above $400 million in Jan., fees fell to $46 million in March. For April, they sit at roughly $22 million.

Despite healthy inflows and rising TVL, those numbers raise questions about actual usage versus speculative interest. Glassnode data shows 32 million SOL—about 5% of the total supply—was accumulated around $130. That level could become a crucial support. A break below $129 may open the door to $117.

Memecoins and DEX Volume Fuel Short-Term Hype

On-chain activity has picked up thanks to a memecoin resurgence. POPCAT, FARTCOIN, BONK, and WIF have posted gains between 21% and 79% over the past week. This uptick has driven trading volumes on Solana-based decentralized exchanges (DEXs), which hit $15.8 billion in just seven days.

Solana even overtook Ethereum’s Layer-2 networks in DEX activity, driven by projects like Pump.fun and Raydium. While that’s a short-term win, it may not reflect long-term strength unless fee generation and user retention improve.

Elsewhere, protocols like Jito, Jupiter, and Synatra have all reported TVL growth, suggesting developers and users are staying active. But broader sentiment remains mixed, especially as macro risks grow.

Macro Conditions and ETF Talk Keep Traders Cautious

Some investors are watching Solana closely amid talk of a potential spot ETF approval in the United States. Although nothing official has surfaced, rumors resurfaced following speculation around a government crypto audit. Still, SOL isn’t on the shortlist, and interest in existing Ethereum ETFs has been underwhelming.

Macroeconomic tension remains a major drag. U.S. President Donald Trump’s recent tariff proposals have reignited concerns around global trade. That’s led to uncertainty in risk markets, including crypto.

As things stand, Solana price needs to reclaim $136 first. A break above $144 would likely bring new upside. If price slips below $129, though, the $117–$100 zone could come into play fast.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.