Whale buys $8.4M Solana (SOL) but chart signals reversal
Key takeaways
What does the current whale exercise counsel about Solana’s outlook?
A whale’s $8.37 million accumulation indicators sturdy confidence in Solana’s long-term potential.
What key stage may decide Solana’s subsequent value transfer?
Breaking above the $196 resistance may set off a ten% rally towards the $218 stage.
Solana [SOL] has recorded a formidable 10% value uptick over the previous few days, reaching a key stage that seems to be a make-or-break level for the asset.
The current rally has already attracted whales, resulting in huge accumulation, a sign that hints a significant rally may very well be on the horizon if momentum continues.
Whale provides $8.37 million of SOL
In accordance with Lookonchain , the crypto pockets handle Ax6Yh7 just lately bought 44,000 SOL valued at $8.37 million, whereas the token was buying and selling close to a key resistance stage.
This whale has proven constant exercise over the previous few months.
Since April 2025, they’ve amassed a complete of 844,000 SOL, value $149 million, by way of platforms like FalconX and Wintermute, and have staked the holdings, signaling sturdy confidence in Solana’s long-term potential.
Solana’s value momentum
At press time, SOL was buying and selling close to $192, reflecting a modest 0.75% value improve following current whale accumulation.
Regardless of this, general market curiosity seems to be waning. Buying and selling quantity dropped by 22%, and was sitting at $5.10 billion.
A key issue behind the lowered participation will be the $196 resistance stage, which holds historic significance.
In accordance with AMBCrypto’s technical evaluation, SOL has damaged out of a descending trendline on the day by day chart. Nonetheless, it’s now approaching a resistance zone that has beforehand triggered sturdy promoting stress and value reversals.
Supply: TradingView
Beforehand, each time the asset reached this stage, it confronted huge promoting stress adopted by downward momentum, a sample SOL has begun to witness once more.
If Solana fails to interrupt above the important $196 resistance stage, it might face renewed promoting stress and probably drop to $180, repeating previous value patterns.
However, a profitable breakout above $196 may set off a ten% rally, pushing the value towards $218 within the close to time period.
Technically, the Common Directional Index (ADX) was at 31, properly above the important thing threshold of 25, signaling sturdy momentum.
Nonetheless, the Supertrend indicator remained bearish, flashing purple and sitting above SOL’s value, which suggests the asset remains to be in a downtrend.
Spinoff software hints at potential reversal
Trying on the present market sentiment, it seems that merchants have begun following the prevailing development by closely betting on quick positions, as revealed by the spinoff platform CoinGlass.
Supply: CoinGlass
Knowledge exhibits that SOL’s main liquidation ranges at present stand at $189.80 on the decrease facet and $195.80 on the higher facet.
At these ranges, merchants have constructed $65 million value of lengthy positions and $84.47 million value of quick positions, clearly indicating sturdy vendor dominance.
