Solana (SOL) price dipped 2.4% to $176.88

Solana (SOL) price dipped 2.4% to $176.88 on Saturday, May 24, 2025, after briefly overtaking Binance Coin (BNB) as the 5th-ranked cryptocurrency on Friday.

Solana (SOL) price dipped 2.4% to $176.88 on Saturday, May 24, 2025, after briefly touching 5th place among crypto assets as Binance Coin (BNB) slid further.

Solana’s move above $181 proved short-lived, with memecoin-driven volatility setting bearish headwinds toward SOL markets following a controversial dinner involving U.S. President Donald Trump.

Can Solana price reclaim bullish momentum and target $210, or is a deeper correction looming?

Solana Tumbles as Trump Memecoin Sparks Market Controversy

Solana (SOL) price this week hit new highs above $185 on Friday, driven by rising network activity and growing institutional demand.

The SOL price breakout to $186 also marked a new 60-day high, lifting its market cap above the $95 billion mark and briefly placing it in 5th place among crypto assets as Binance Coin (BNB) slid further.

However, the euphoria faded quickly after Trump’s memecoin dinner event disrupted market sentiment, sparking sharp sell-offs.

With the Official Trump memecoin hosted on the Solana blockchain, the political fallout caused a ripple effect across SOL spot markets.

At press time, SOL was trading at $176.88, down 2.4% over the past 24 hours. It remains 7% higher on the week and 16.9% up over the last 30 days. Solana’s ability to regain momentum depends heavily on how derivatives traders position in the coming days.

Can Solana Reach $210 in the Current Bull Cycle?

According to Coinglass’ latest derivatives data, recent SOL trading momentum has flipped into cautious territories with rapid reductions in speculative exposure after 60-day highs were touched on Friday.

First, SOL Futures trading volume is down 46.39% to $11.31 billion, while Open interest fell 3.77% to $7.35 billion, confirming reduced leverage in SOL markets.

However, in the Solana Options markets, trading has plummeted by 67.03% to just $653,270, although open interest increased slightly by 2.31% to $10.84 million, indicating some hedging activity persists.

Despite the slowdown in volume, long/short ratios across major exchanges reveal that market sentiment remains cautiously optimistic especially among whales.

On Binance, the long/short ratio (by accounts) stands at 2.0572, suggesting over twice as many users are betting long. OKX reports a long/short ratio of 2.25, further reinforcing bullish positioning.

Top traders on Binance show even stronger bias, with long/short ratios (by accounts and positions) at 2.1456 and 2.3825 respectively.

These figures suggest that while general market activity has cooled, high frequency traders and whales continue to favor long positions, betting on a Solana rebound toward higher levels.

The liquidation map adds more context. Over the past 24 hours, SOL saw $13.38 million in liquidations, with longs accounting for $12.27 million, compared to just $1.11 million in shorts.

While this data implies aggressive closure of Solana long positions, it may also set the stage for a short-term reversal, as excessive leverage is cleared from the system.

If Bitcoin price discovery rally advances further above its current all time highs above $111,800, Solana price is poised to find viable path to reclaim $181 and potentially test the $210 level before the current bull cycle peaks.

Technical Price Analysis: Solana Eyes $187 Rebound if Key Indicators Align

Solana’s price forecast signals continue to lean bullish after 2.4% losses on Saturday. As seen below, SOL price action has followed the Elliott Wave formation through May, suggesting the fifth wave could target $187.71.

Currently trading around $177, SOL has rebounded from a recent swing low, supported by the Super Simple Moving Average (SMA) cluster around $172–174. A confluence of the 5, 8, and 13-day SMAs suggests near-term momentum is stabilizing.

SOL price has now flipped these SMAs into support after multiple red candles, validating strong buyer interest at lower levels.

The MACD, however, shows weakening momentum with the histogram turning negative and the blue signal line approaching a bearish cross under the orange MACD line. This suggests a potential for short-term consolidation or a shallow correction before continuation.

If Solana holds the $172–174 range and breaks above the recent high near $188.33 with volume expansion