Solana Whale Moves $8.5M, Eyes Breakout at $120
Key Takeaways
A major Solana investor (whale) has deposited 71,448 SOL worth approximately $8.5 million USD on Binance. Despite this move, the investor still holds over 568,000 SOL (around $68 million USD) in staking. This activity has sparked speculation about a possible price shift. However, technical indicators suggest a potential trend reversal — not necessarily a sell-off.
Whale Activity Sparks Market Movement
A single large investor recently withdrew a significant amount of SOL from a staking contract and transferred it to the crypto exchange Binance. Such movements are often interpreted as a prelude to a sale. In this case, however, the majority of holdings remain staked, indicating long-term confidence in the Solana network.
Technical Analysis: Double Bottom and Resistance at $120
At the time of analysis, Solana’s price was around $118.74 — a 4.41% drop within 24 hours. The chart shows a “double bottom” pattern forming near the $115 level, which is a classic reversal signal. Simultaneously, the price is approaching the upper boundary of a descending channel. A breakout above $120 could trigger fresh buying momentum. If this fails, a retest of the $110 support level is likely.
Social Media Shows Growing Interest
Social media activity surrounding Solana has increased significantly. With over 2,285 mentions and a social dominance of 14.96%, SOL is at the centre of attention for many traders. Such spikes often indicate an upcoming price movement — either a genuine breakout or a so-called “bull trap,” a short-term false signal.
Liquidations Clean Up the Market
A look at Binance’s liquidation map reveals that many long positions were liquidated between $117 and $122. These forced sales temporarily pushed the price down. At the same time, they helped remove excessive leverage from the market — potentially laying the groundwork for more stable price action. A rise above $122 could pressure short positions and trigger a move toward $130.
Open Interest: Less Risk, More Stability
Open interest — the total volume of open derivatives positions — has dropped by 6.05% to $4.57 billion USD. This shows that many traders are reducing risk. A decline in open interest often points to a healthier market structure as excessive speculation is reduced. If the price begins to rise while open interest remains stable or increases, this could signal a more sustainable upward trend.
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Our Assessment
The whale’s deposit on Binance doesn’t necessarily indicate an imminent sell-off. The combination of technical stabilization, growing social media attention, and the reduction of overleveraged positions suggests a strategic repositioning. Solana is at a critical juncture. A break above $120 could be seen as a signal for a trend reversal. However, you should be prepared for short-term pullbacks — the market remains volatile.
Sources
- TradingView
- Santiment
- Coinglass
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