Solana whale makes bold $12.4 mln move: What’s next for SOL?

• A whale withdrew 61,319 SOL from Binance and OKX at $202.53, raising speculation about a potential price shift.
• SOL price hovered at $193.11 at press time, with key resistance at $211.85 and Open Interest surging to $5.4B.

A major Solana [SOL] whale has returned after a two-month hiatus, making a significant move on the 10th of February.

The entity withdrew 61,319 SOL, valued at approximately $12.4 million, from Binance and OKX at an average price of $202.53 per token. 

This reappearance has sparked discussions in the market, as such large transactions often indicate strategic positioning by experienced traders.

A track record of profitable SOL trades

This particular whale has a strong history of successful SOL trades, having previously executed two major transactions between the 27th of December 2023 and the 30th of November 2024. 

The combined profit from these trades totaled $8.47 million, reflecting a 38.9% return with a flawless 100% win rate.

Given this track record, market participants are now closely watching to determine whether this latest move signals a long-term accumulation phase or a preparation for another strategic exit.

Key support and resistance levels

As of this writing, Solana was trading around $193.11, showing signs of consolidation after a recent decline. The 50-day moving average [MA] stood at $211.85, while the 200-day MA was positioned around $183.14.

The price was hovering near the long-term support level, with the accumulation/distribution [A/D] indicator showing steady accumulation.

Source: TradingView

A notable factor in Solana’s recent movement is the increase in trading volume, suggesting buyers are stepping in near support levels.

If the price successfully holds above the 200-day MA, a potential rebound could push SOL back toward the $210–$220 range.

However, a failure to maintain this support may open the door for further downside toward $180.

SOL Open Interest shows rising market participation

The Open Interest [OI] chart revealed a steady rise in market activity, with the total OI surpassing $5.4 billion as of this writing.

This increase indicates growing trader interest in Solana futures contracts, potentially leading to heightened volatility in the coming days.

A surge in Open Interest combined with positive Funding Rates often signals bullish sentiment, while an OI increase amid declining prices could indicate heightened short interest.

Source: Coinglass

The recent whale accumulation aligns with the rising open interest, suggesting that institutional players and large traders may be positioning themselves for a potential upward move.

If OI continues to climb alongside stable or rising prices, this could further validate a bullish scenario for SOL.

Market sentiment and future outlook

The whale’s decision to withdraw a significant amount of SOL rather than selling it directly on exchanges suggests a bullish outlook.

Historically, large withdrawals from centralized exchanges indicate that investors are moving funds into cold storage, possibly signaling confidence in a price increase.

If Solana regains momentum and breaks past the $211.85 resistance, it could soon resume its uptrend, targeting $230+ levels.

However, a bearish breakdown below $183 might lead to a more prolonged period of price consolidation or further downside pressure.

With smart money-making moves in Solana, all eyes are on whether this whale’s latest withdrawal will precede another profitable rally or serve as a cautionary signal for traders.