An enormous Solana whale conducted a major transaction involving moving 96,180 SOL coins worth $12.45 million out of Binance to stake them. In reaction, Solana price increased by 5% before going back down to $139.84.
This indicates upcoming market growth. Technical indicators point to major resistance areas.
A fresh wallet on the blockchain sent 96,180 SOL through a significant transaction.
When tokens moved from Binance to staking addresses, the pressure of selling increased while indicating long-term asset retention.
Large Solana buys and stakes by whales represent positive market sentiment since these actions reduce the supply of tokens available for trading in the market.
A distinct wallet transaction involving 49,999.99 SOL, which amounted to $6.37 million, points to institutional or high-net-worth investors buying Solana in anticipation of future price growth.
Solana Price Fluctuates Post Whale Activity
Solana maintains a price of $139.86, down 4.31% in the last 24 hours.
The cryptocurrency’s market capitalization currently exceeds $70.94 billion, and its 24-hour trading volume reached $3.63 billion, over 50% down.
The intense reduction in trading volumes demonstrates waning market interest in the coin, despite whale accumulation.
This might stem from whale accumulation alongside general bullishness within the cryptocurrency market.
Analysts observe that Solana exhibits sharp price drops that could transition to powerful price recoveries.
The analyst examination data shows ten substantial drop points surpassing 40% during the last four years.
The currency illustrates strong resistance through swift price recovery during market growth and decline.
The asset faced three major market corrections throughout 2024-25, including the most recent sharp decline reaching 57.8%.
The past indicates these correction periods belong to an ongoing upward trend, yet they have led to major price rebounds.
Solana demonstrated its capability of reviving after deep market declines by bouncing back from its historic bear market low below $10 in 2022.
Technical Analysis and Market Outlook
Analyzing hourly charts shows that the Solana price showed positive movement after dropping during the one-hour time frame on Coinbase.
After falling steeply, the price stabilized at $120 while forming successive lower peaks and valleys.
The price received strong bullish momentum, which caused SOL to approach its short-term resistance area following its previous low point.
The shaded red area shows former support, now acting as the current resistance, between $145 and $147.50.
The price briefly crossed the marked resistance but failed to establish a confirmed closure beyond this level in the testing period.
Failed buying power maintenance at the resistance would cause a possible correction through rejection.
The Awesome Oscillator indicator at the chart base indicates that bullish market trends are strengthening.
Weak green bars appear above the zero line, suggesting buyers increase their dominance.
A sustained upward momentum could enable SOL to surpass its resistance barriers to move toward $152-$155.
A bullish continuation requires Solana price to break through $147.50 with robust trading volume.
Source: https://www.thecoinrepublic.com/2025/03/01/whales-stacking-up-solana-time-for-price-to-pump/