Solana Whale Accumulates 44K SOL Worth $8.37M – Is $218 Next?

Whale buys $8.4M Solana (SOL) but chart signals short-term reversal

A significant whale has invested approximately $8.37 million in Solana (SOL), purchasing 44,000 tokens. This bullish move indicates a high level of confidence in the cryptocurrency's long-term prospects. As SOL encounters critical price resistance, market analysts are watching closely for potential future price movements.

Key Takeaways

A whale's recent purchase of $8.37 million in Solana suggests strong optimism about its future.
A breakthrough above the $196 resistance level could lead to a 10% price surge towards $218.
Solana (SOL) has risen about 10% in price in recent days, approaching a pivotal point that could dictate its future performance.

Whale Purchases $8.37 Million of SOL

According to data from Lookonchain, a noteworthy crypto wallet, identified as Ax6Yh7, has acquired 44,000 SOL for $8.37 million while the token trades near a significant resistance level. This particular whale has demonstrated consistent trading behavior in recent months, amassing 844,000 SOL since April 2025, totaling around $149 million. They have utilized trading platforms like FalconX and Wintermute, and have also staked their holdings, showcasing substantial confidence in Solana's potential growth.

Solana's Price Movement

As of the latest update, SOL is priced at approximately $192, reflecting a slight 0.75% increase following recent whale activity. However, overall trading interest seems to be declining, evidenced by a 22% drop in trading volume, which currently stands at $5.10 billion. Market participants may be hesitant due to the $196 resistance level, which has proven significant historically.

AMBCrypto's technical analysis indicates that SOL has managed to break out from a descending trendline on its daily chart. However, it is now nearing a resistance zone that has previously incited significant selling pressure and price reversals.

Solana Technical outlook

Historically, Solana encounters considerable selling pressure when approaching this resistance, leading to downward movements. If SOL fails to break the $196 barrier, it could face renewed selling pressure, potentially dipping to around $180, as seen in prior patterns. Conversely, if it successfully surpasses $196, a rally of 10% could take place, pushing prices towards $218 in the near future.

The Average Directional Index (ADX) is currently at 31, indicating strong momentum, while the Supertrend indicator still appears bearish, signaling that the asset remains in a downtrend.

Market Sentiment and Derivative Tool Insights

Current market sentiment reveals that traders are following the prevailing trend, with many betting on short positions, as evidenced by data from the derivative platform CoinGlass.

SOL Exchange Liquidation Map

The data indicates key liquidation levels for SOL at around $189.80 on the lower end and $195.80 on the higher end. These thresholds have seen traders establish $65 million in long positions against $84.47 million in short positions, highlighting a clear seller dominance in the market.

By tracking whale activity and market sentiment, traders and investors can gain important insights into potential price movements for Solana (SOL) moving forward.