Solana ($SOL) pulled back from $110 to a low of $102 as the broader cryptocurrency market slowed. Since then, the token has consolidated and traded sideways.
At press time, Solana was trading at $105, up 1.4% on the daily chart and extending its weekly gain to 13%. However, altcoin trading volume fell 64% to $1.8 billion, pointing to weaker market activity.
Solana also showed signs of reduced speculative interest. Over the previous 12 hours, $471.85 million flowed out of the futures market, while only $456 million flowed in.
Solana whale returns with an $8 million purchase
Demand for Solana among high-net-worth investors, including individuals and institutions, has risen significantly over the past week.
AMBCrypto previously reported that Solana spot ETFs recorded $138 million in net inflows. In addition to institutional demand, whales have been aggressively accumulating $SOL since the token crossed the $100 mark.
With Solana holding firmly above $100, high-net-worth investors appear increasingly optimistic and are positioning for further gains. The recent market cooldown may also have created an opportunity for whales to continue buying.
Source: Arkham
Lookonchain reported that a whale returned after eight months of dormancy and purchased 76,856 $SOL worth $8 million from Hyperliquid.
Whale accumulation has become a notable trend. One day earlier, Lookonchain reported that two whales had purchased $33.5 million worth of $SOL. Continued accumulation during a period of stable upward movement suggests strong confidence in the market.
Exchange flows also support the accumulation trend. After turning positive, Solana’s spot netflow fell again.
Source: Coinglass
At the time of writing, netflow stood at approximately -$4.5 million, indicating that outflows were exceeding inflows. Strong demand, particularly from high-net-worth investors, has often preceded gains in Solana’s price.
What to expect next for Solana’s price
Although the market has shown some weakness, Solana’s market structure remains bullish. The ADX with SMA indicator also points to sustained trend strength.
At press time, the +DI was above the -DI, while the ADX and SMA remained above it. The Bull-Bear Ratio was also positive, suggesting that buyers remained in control of the market.
Source: TradingView
Together, these indicators point to strong upward pressure and suggest that the current trend could hold. If investors, particularly whales, continue buying and the futures market begins to attract new positions, Solana’s upward movement could resume.
Under that scenario, $SOL could close above $105 and attempt to reclaim $110, the level where its previous advance stalled. However, if sellers continue to dominate the derivatives market, sideways trading could continue.
Key takeaways
A Solana whale returned after eight months of inactivity and purchased 76,856 $SOL worth $8 million from Hyperliquid.
Solana has traded within a narrow range between $104 and $105 during the broader market slowdown, but its market structure continues to lean bullish.
