Solana (SOL) has garnered attention as large-scale investors, often referred to as “whales,” step in to defend its price from further downside. A dormant whale recently moved 61,319 SOL, valued at $12.4 million, from major exchanges Binance and OKX. This whale also secured $8.47 million in profits through two successful trades. Another significant whale, “GJwCU,” returned after a year’s absence, withdrawing 30,901 SOL worth $6.24 million. These moves signal a growing interest in Solana and suggest that its strongholders are positioning for long-term gains.
Solana: How whales helped SOL hold $200 – What’s next?https://t.co/jwVhzLdWeZ
— John Morgan (@johnmorganFL) February 11, 2025
With more whales accumulating SOL, the price could remain resilient. As large investors continue to remove SOL from exchanges, the reduced supply could tighten the market, potentially sending prices higher. A recent move by a new wallet to withdraw 30,900 SOL worth $6.27 million for staking highlights continued confidence in Solana. Strong support at the $200 level is also evident, with Open Interest (OI) at $190 successfully halting previous declines.
From a technical standpoint, the Relative Strength Index (RSI) currently sits at 43.77, indicating slight bearish pressure. However, the On-Balance Volume (OBV) of 69.05 million reflects steady demand, suggesting that Solana still has potential to attract more buyers. If SOL can maintain levels above $199, it could see further bullish momentum. A dip below this threshold, however, may trigger a retest of the $190 level.
Beyond SOL, whales have also shown interest in Solana’s AI-driven tokens. Investor “8u6u3” purchased $3.86 million of ARC and $3.56 million of ai16z, sending prices for both tokens soaring by 81% and 35%, respectively. While this indicates growing attention to Solana’s AI sector, the long-term impact remains uncertain. Whale-driven rallies can fade quickly without sustained demand from the broader market.
Also Read: Solana (SOL) Struggles at $205 Resistance – Key Levels and Market Outlook
As Solana trades at a critical juncture, it remains to be seen if whales’ support will lead to a breakout or if the market will falter. Traders should monitor key price levels, as the next move could shape Solana’s future trajectory.
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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