Analyzing Solana's Whale Activity, ETF Demand, and Potential Risks

2026 has emerged as a crucial year for Solana as whale activity and institutional investments significantly influence its price movements. On-chain statistics reveal that Solana is processing eight times more daily transactions compared to its competitors. Currently, the ETF inflows remain strong, particularly with US Solana Spot ETF data showing consistent positive performance since December 2025. This scenario raises an important question: Has Solana sustained its momentum, or are early signs of weakening appearing?

Key Takeaways

Solana's whale activity and ETF inflows are boosting its price in 2026.
The network is processing significantly more daily transactions than competing blockchains.
Critical price levels to watch are between $122 and $145; breaching these could lead to a drop to $102 and potentially into the $50 range.
An increasing amount of liquidity below $120 may heighten the risk of liquidations in a bearish market.

In conclusion, while Solana is currently buoyed by strong whale activity and institutional demand, careful attention to price movements and market indicators is crucial for navigating potential future risks.

Solana’s Old and New Whales Lead the Charge – What’s Next for SOL?

Convergence of New and Existing Whales

New whales on Solana, primarily represented by ETFs, have been investing enthusiastically since December 4th, contributing to price appreciation.

Whale Activity Analysis Source: SoSoValue

Additionally, a previously dormant whale returned to the market with an impressive purchase of 80,000 SOL, valued at approximately $10.87 million from Binance. This activity indicates strong conviction among investors. The combined effect of ETF inflows and whale transactions suggests a solid market position for Solana; however, it must navigate critical support levels to maintain this upward trajectory.

Network Activity Dominance

Solana has taken the lead in daily transactions, registering eight times more activity than its nearest competitors. This impressive throughput highlights Solana's practical use case and indicates robust participation in blockchain activities.

SOL Chart Signals Indicate Downside Risks

On January 10th, Solana (SOL) traded at $136 but encountered downside risks if it reached equal lows around $102 in a bearish scenario.

SOL Chart Source: TradingView

Examining the weekly chart, it’s clear that Solana needs to maintain its position within the $122-$145 range, especially on shorter timeframes. If the price declines below $122, it could fall to $102, a level marked by previous highs and a loss of ascending support, coinciding with the 61% Fibonacci retracement level. A breach of this support zone could push Solana prices down into the $50s. Weakness observed in the RSI and MACD indicators suggests a possible market bottom, indicating increased downside risks if these critical levels are breached.

Market Indicators Source: TradingView

Liquidity Concentrated Beneath Current Prices

The 2-week Liquidity Heatmap shows that significant liquidity positions are clustered below the $120 mark, which could create downward pressure if bearish sentiment prevails. A rapid price movement into this region could lead to accelerated liquidations, particularly in the broader context of a weak market.

Liquidity Heatmap Source: CoinGlass