Key takeaways
What does the recent whale activity suggest about Solana’s outlook?
A whale’s $8.37 million accumulation signals strong confidence in Solana’s long-term potential.
What key level could determine Solana’s next price move?
Breaking above the $196 resistance could trigger a 10% rally toward the $218 level.
Solana [SOL] has recorded an impressive 10% price uptick over the past few days, reaching a key level that appears to be a make-or-break point for the asset.
The recent rally has already attracted whales, leading to massive accumulation, a signal that hints a major rally could be on the horizon if momentum continues.
Whale adds $8.37 million of SOL
According to Lookonchain , the crypto wallet address Ax6Yh7 recently purchased 44,000 SOL valued at $8.37 million, while the token was trading near a key resistance level.
This whale has shown consistent activity over the past few months.
Since April 2025, they’ve accumulated a total of 844,000 SOL, worth $149 million, through platforms like FalconX and Wintermute, and have staked the holdings, signaling strong confidence in Solana’s long-term potential.
Solana’s price momentum
At press time, SOL was trading near $192, reflecting a modest 0.75% price increase following recent whale accumulation.
Despite this, overall market interest appears to be waning. Trading volume dropped by 22%, and was sitting at $5.10 billion.
A key factor behind the reduced participation may be the $196 resistance level, which holds historical significance.
According to AMBCrypto’s technical analysis, SOL has broken out of a descending trendline on the daily chart. However, it’s now approaching a resistance zone that has previously triggered strong selling pressure and price reversals.
Source: TradingView
Previously, whenever the asset reached this level, it faced massive selling pressure followed by downward momentum, a pattern SOL has begun to witness again.
If Solana fails to break above the critical $196 resistance level, it may face renewed selling pressure and potentially drop to $180, repeating past price patterns.
On the other hand, a successful breakout above $196 could trigger a 10% rally, pushing the price toward $218 in the near term.
Technically, the Average Directional Index (ADX) was at 31, well above the key threshold of 25, signaling strong momentum.
However, the Supertrend indicator remained bearish, flashing red and sitting above SOL’s price, which suggests the asset is still in a downtrend.
Derivative tool hints at potential reversal
Looking at the current market sentiment, it appears that traders have begun following the prevailing trend by heavily betting on short positions, as revealed by the derivative platform CoinGlass.
Source: CoinGlass
Data shows that SOL’s major liquidation levels currently stand at $189.80 on the lower side and $195.80 on the upper side.
At these levels, traders have built $65 million worth of long positions and $84.47 million worth of short positions, clearly indicating strong seller dominance.
