Key takeaways
What does recent whale activity suggest about Solana’s prospects?
A whale’s $8.37 million haul indicates strong confidence in Solana’s long-term potential.
What key level could determine Solana’s next price move?
Breaking through the $196 resistance could trigger a 10% rally towards the $218 level.
solarium [SOL] has recorded an impressive 10% price increase in the past few days, reaching a key level that appears to be a turning point for the asset.
The recent rally has already attracted whales, leading to massive accumulation, a sign that hints that a major rally could be on the horizon if the momentum continues.
Whale adds $8.37 million SOL
According to Lookonchain, the Ax6Yh7 crypto wallet address recently purchased 44,000 SOL valued at $8.37 million, while the token was trading near a key resistance level.
This whale has shown constant activity during the last few months.
Since April 2025, they have accumulated a total of 844,000 SOL, worth $149 million, through platforms such as FalconX and Wintermute, and have staked their holdings, indicating strong confidence in Solana’s long-term potential.
Solana 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 fell by 22% and stood at $5.10 billion.
A key factor behind the reduction in participation may be the resistance level of $196, which has historical significance.
According to AMBCrypto technical analysis, SOL has broken out of a descending trend line on the daily chart. However, it is now approaching a resistance zone that had previously caused strong selling pressure and price reversals.
Source: TradingView
Previously, every time the asset reached this level, it faced massive selling pressure followed by downward momentum, a pattern that SOL has started to witness again.
If Solana fails to overcome the critical resistance level of $196, it may face fresh selling pressure and potentially fall to $180, repeating past price patterns.
On the other hand, a successful break above $196 could trigger a 10% rally, pushing the price towards $218 in the near term.
Technically, the average directional index (ADX) was at 31, well above the key threshold of 25, indicating strong momentum.
However, the Supertrend indicator remained bearish, flashing red and settling above SOL price, suggesting that the asset is still in a downtrend.
Derivatives tool hints at possible reversal
Looking at the current market sentiment, it seems that traders have started following the prevailing trend by betting heavily on short positions, as revealed by the CoinGlass derivatives platform.
Source: CoinGlass
The data shows that SOL’s main settlement levels currently stand at $189.80 on the lower side and $195.80 on the higher side.
At these levels, traders have created long positions worth $65 million and short positions worth $84.47 million, clearly indicating strong dominance of the sellers.
