Solana [SOL] Drops Below $150 as Whales Sell — Can Retail Accumulation Spark a Rebound?

Sean Williams
Solana

Key Takeaways:

  • A whale offloaded $35 million in SOL after unstaking 1 million tokens, fueling bearish sentiment.
  • Retail traders are accumulating as Netflow drops to negative, hinting at renewed confidence.
  • Rising Perpetual Futures volume signals heightened speculative interest, possibly paving the way for a price rebound.

After briefly attempting a breakout past $154, Solana [SOL] faced strong rejection and retraced to a low of $149 at press time. This price action reflects increased selling pressure, particularly from large-scale investors.

According to blockchain data tracker Lookonchain, a major whale unstaked 1 million SOL (worth approximately $139 million) over a week ago. Since then, 240,000 SOL—valued at $35 million—has already been sold. This aggressive move points to waning confidence among major holders.

Spot Market Shows Decline in Big Player Activity

Solana’s Spot Average Order Size has dropped significantly, suggesting that whale-sized transactions have almost vanished from the market. This drop indicates a broader retreat from large investors, signaling a potentially bearish short-term outlook from institutional participants.

However, it’s important to note that this isn’t necessarily a full-scale exit. Analysts suggest this could reflect cautious rotation rather than panic dumping, with some whales waiting for clearer market direction.

Retail Traders Step In as Netflow Turns Negative

Solana Netflow

Source: CoinGlass

While whales are pulling back, retail investors appear to be accumulating. CoinGlass data shows that Solana’s Netflow has dipped to -19.69 million, indicating that more SOL is leaving exchanges than entering. This trend often signifies decreasing sell-side pressure and increased holding sentiment.

Historically, negative netflow in tandem with accumulation has preceded recoveries, especially if overall market sentiment remains steady. This divergence between whale and retail activity may set the stage for a rebound if support levels hold.

Sol Perps volume
Source: Defillama

Futures Volume Rebounds, Signaling Renewed Speculation

Solana’s Perpetual Futures Volume has surged to $484 million following a brief cooldown, according to DefiLlama. This uptick shows increased speculative activity in the derivatives market, with traders taking fresh long or short positions based on recent volatility.

Higher futures volume often accompanies trend reversals or continuation, depending on leverage and positioning. Combined with retail spot accumulation, this may hint at a short-term bounce in SOL’s price trajectory.

Also Read: Solana ETF With Staking Support Could Launch This Week

While large entities have reduced exposure, there’s currently no evidence of mass institutional dumping of Solana. The price pullback may simply reflect routine market rotation and profit-taking rather than deep concern.

If retail demand holds and speculative interest continues to rise, SOL could reclaim the $154 level and push toward $159. However, a breakdown below $149 could trigger a steeper correction toward $140.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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