Whale buys Solana (SOL) for $8.4 million, but the chart shows a reversal

Key Takeaways

What does the current whale exercise say about Solana’s prospects?

The buildup of a whale value $8.37 million signifies robust confidence in Solana’s long-term potential.

Which key degree may decide Solana’s subsequent worth motion?

Breaking the USD 196 resistance may set off a ten% rally in direction of USD 218.

Solana [SOL] has recorded a powerful 10% worth improve in current days, hitting a key degree 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 a} huge rally is in retailer if the momentum continues.

Whale provides $8.37 million to SOL

In accordance with Look at chain crypto pockets tackle Ax6Yh7 just lately purchased 44,000 SOL value $8.37 million whereas the token was buying and selling close to a key resistance degree.

This whale has proven constant exercise over the previous few months.

Since April 2025, they’ve raised and staked a complete of 844,000 SOL, value $149 million, via platforms akin to FalconX and Wintermute, signaling robust confidence in Solana’s long-term potential.

Solana’s worth momentum

On the time of writing, SOL was buying and selling round $192, reflecting a modest 0.75% worth improve following the current whale accumulation.

However, common market curiosity seems to be waning. Buying and selling quantity fell 22% to $5.10 billion.

A key issue behind the lowered participation may very well be the resistance degree at $196, which has historic significance.

In accordance with AMBCrypto’s technical evaluation, SOL has left the descending trendline on the every day chart. Nonetheless, it’s now approaching a resistance zone that has beforehand led to robust promoting stress and worth reversals.

Supply: TradingView

Beforehand, when the asset reached this degree, it could face huge promoting stress adopted by downward momentum, a sample that SOL is now beginning to see once more.

If Solana fails to interrupt above the crucial resistance degree at USD 196, it may face renewed promoting stress and presumably drop in direction of USD 180, repeating previous worth patterns.

However, a profitable break above $196 may set off a ten% rally, pushing the value to $218 within the brief time period.

Technically, the Common Directional Index (ADX) was at 31, effectively above the important thing threshold of 25, indicating robust momentum.

Nonetheless, the Supertrend indicator remained bearish, flashing crimson and situated above the value of SOL, indicating that the asset remains to be in a downtrend.

Derivatives point out a attainable reversal

Taking a look at present market sentiment, it seems that merchants have began to comply with the prevailing pattern by betting closely on brief positions, as evidenced by the derivatives platform CoinGlass.

Supply: CoinGlass

Information exhibits that SOL’s key liquidation ranges are at the moment $189.80 on the draw back and $195.80 on the upside.

At these ranges, merchants have constructed up $65 million in lengthy positions and $84.47 million in brief positions, clearly indicating robust vendor dominance.