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▲ Solana (SOL) ©
Despite news of Goldman Sachs' massive $108 million accumulation, Solana (SOL) is grappling with bearish signals in the derivatives market and a sharp decline in decentralized exchange (DEX) trading volume, leading to an intense search for direction around the $84 mark. Conflicting indicators of strong institutional confidence and slowing on-chain activity are in a tight standoff, with the next 21 days of trading expected to determine the market's fate.
According to the investment media outlet TradingNews on May 1st (local time), Solana is trading at $84.09, up 1.82% from the previous day. While it has risen by 38.22% over the past three months, it is still down more than 60% compared to its peak of over $170 at the end of 2025. Currently, Solana is trapped below its 20-day, 50-day, and 200-day Simple Moving Averages (SMA), and for a rally, it must break through the Ichimoku Cloud baseline resistance at $84.56. Experts predict that whether the $75 support line holds or the bearish-biased Moving Average Convergence Divergence (MACD) crossover dominates the market will be a key variable in the future.
The most notable recent news in the Solana ecosystem is that Wall Street giant Goldman Sachs injected a substantial $108 million into Solana. This strongly suggests that a discerning institutional investor recognizes Solana as a core asset in virtual asset infrastructure and considers the current price to be structurally undervalued. The fact that $33 million out of the $40 million inflow into Solana-linked products in April was concentrated in the Bitwise Solana (BSOL) fund also supports continued institutional interest and buying pressure.
The network's fundamentals are also robust. In February, Solana's stablecoin transaction volume surpassed an impressive $650 billion, and in the first quarter of 2026, the total network transaction volume reached a record-breaking 10.1 billion. It is aggressively expanding its market share in the Real World Asset (RWA) tokenization market, which was once Ethereum's (ETH) exclusive domain, leveraging its speed and low fees. Furthermore, major positive developments such as the establishment of the Swiss Solana Foundation, integration with Shinhan Card's payment system in Korea, and the resolution of regulatory risks through the US Securities and Exchange Commission's (SEC) classification as a commodity are laying the groundwork for a mid-to-long-term upward rally.
However, beneath these positive indicators, serious warning signs are also sounding. The trading volume of Solana-based decentralized exchanges has plummeted by over 60%, from $118 billion in February to a recent $44 billion. Network fee revenue has also decreased by 21%, indicating a sharp outflow of speculative capital from meme coins that had been heating up the ecosystem. The collapse of this indicator, which reflects active participation by individual investors, is considered the most critical weakness exacerbating short-term price downward pressure.
Market analysts characterize the current situation, with its mix of technical analysis and on-chain data, as a typical sideways market. While a bearish crossover in the Moving Average Convergence Divergence suggests selling pressure, the Relative Strength Index (RSI) has not yet entered oversold territory. Experts keep open the possibility of reaching $97, $115, and even the prediction market's target price of $150 within the next 8-12 weeks, but also anticipate a boring sideways movement between $75 and $87 for some time. Accordingly, they recommend short-term investors to observe and long-term investors to accumulate gradually around $75.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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