Solana Whale accumulates 44,000 SOL worth 8.37 million USD – A signal for the journey to 218 USD?

Solana (SOL) has had an impressive breakout with an increase of over 10% in just a few days, approaching the price zone considered the “death line” that determines the next trend of this coin.

The strong upward momentum quickly attracts the attention of “whales” – investors holding a massive amount of capital, leading to a wave of large-scale accumulation. This development is seen as a signal that a new surge of SOL may be triggered if the excitement continues to spread.

Whale spends 8.37 million USD to buy more SOL

According to data from Lookonchain, a cryptocurrency wallet with the address Ax6Yh7 just spent over 8.37 million USD to acquire 44,000 SOL, right at the moment this token is approaching a key resistance zone.

Notably, this whale wallet has been continuously increasing its position in recent months. From April 2025 to now, the wallet owner has accumulated a total of 844,000 SOL ( equivalent to about 149 million USD) through platforms such as FalconX and Wintermute. The entire amount of SOL mentioned above has been put into staking, demonstrating strong confidence in the long-term potential of Solana.

Price Dynamics of Solana

At the time of writing, Solana (SOL) is trading around 192 USD, recording a slight increase of 0.75% after a buy-in from whales.

However, the heat of the market shows signs of cooling down, as trading volume decreased by 22%, down to only 5.10 billion USD. One of the main reasons for the slowdown in buying and selling activities is the resistance zone of 196 USD – a price level that has historical significance, having stopped the upward momentum of SOL multiple times.

According to the technical analysis of Coin Photon, SOL has broken through the downward trend line on the daily chart, but is currently approaching the aforementioned resistance zone – an area that has previously triggered strong selling pressure and led to deep reversals in the past. Each time the price reaches this zone, SOL faces significant profit-taking pressure, causing the upward trend to quickly reverse — and currently, that pattern seems to be repeating.

SOL/USDT daily chart | Source: TradingViewIf it cannot break through the resistance level of 196 USD, selling pressure may increase, pulling the price back to around 180 USD, repeating the familiar correction pattern. Conversely, a successful breakout above this resistance level could pave the way for SOL to increase by about 10%, targeting the 218 USD mark in the short term.

Technically, the ADX indicator is currently at 31, above the important threshold of 25, indicating strong market momentum. However, the Supertrend indicator still maintains a bearish signal, displaying red and positioned above the current price of SOL — a sign that the downtrend has not yet fully ended.

Derivative data suggests a reversal potential

According to data from the CoinGlass derivatives platform, most traders are currently following the market trend by aggressively opening short positions (short selling).

Source: CoinGlassNotably, the key liquidation levels for SOL are identified at the zone of 189.80 USD below and 195.80 USD above. At these two price levels, investors have opened a total of about 65 million USD in Long positions and 84.47 million USD in Short positions, clearly reflecting the advantage tilted towards the bears in the current phase.

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