Solana (SOL) is under pressure as it struggles to maintain its $120 support level amid heightened market volatility and significant whale activity. The cryptocurrency has been unable to break above the $150 mark, with leveraged long positions suffering losses while short positions profit. Notably, a whale incurred a $5.88 million loss on 20x leveraged longs, while a bearish whale gained $27.7 million. Despite Circle minting $55 billion in USDC on the Solana blockchain in 2025, the influx has not stabilized the market. The token remains below key resistance levels, raising concerns that the increased USDC supply may be contributing to the ongoing volatility rather than providing stability.