Solana’s Momentum Grows as Traders Eye $190 Target for May

Solana (SOL) continues to draw investor attention in May 2025, with strong trading volumes shaping expectations for its monthly close. According to Polymarket data, market participants appear largely confident in SOL maintaining momentum, pricing in a 71% probability that the token will close near $190.

This belief is backed by over $310,000 in trading volume, reflecting a strong consensus. As the market pushes forward, both technical and sentiment indicators provide further insight into potential price moves. While some investors anticipate further gains, others hedge against a possible pullback.

PolyMarket Sentiment Mixed: $190 Favored, But $140 Hedging Bets Strong

Interestingly, the second most probable outcome places SOL at $210, holding a 34% chance. This scenario shows moderate optimism, supported by nearly $187,000 in volume.

However, a surprising $364,000 has been wagered on a $140 closing price despite only an 18% probability. This may suggest strategic hedging or a belief that SOL’s current rally could lose steam.

Few are betting on major surges. Only 7% expect SOL to reach $250, and just 1% see $300 as likely. Despite low probabilities, those outcomes hold substantial volume, hinting at high-stakes speculative positions or long-shot bets.

Technical Indicators Suggest Short-Term Cooling

SOL/USD daily price chart, Source: TradingView

Solana at the time of writing is priced at $179.64, gaining over 3% in the past 24 hours. It climbed from a low of $173.90 and tested resistance near $184. Despite this upward momentum, technical indicators suggest short-term caution.

The RSI stands at 71.04, which signals overbought conditions. Historically, such levels precede minor pullbacks or consolidation phases.

Moreover, the MACD remains positive, with the MACD line above the signal line. However, similar patterns in the past have led to brief corrections. Resistance at $184 continues to challenge upward movement, while $178 and $173.90 serve as support levels.

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