Solana Whales Accumulate, Institutional Demand Drives 1.38% Drop

Solana's latest price was $137.44, down 1.38% in the last 24 hours. The cryptocurrency has seen a notable increase in whale activity, with wallets holding over 10,000 SOL rising, indicating renewed confidence from large investors. This accumulation suggests a potential bullish breakout for Solana, especially as it approaches a technically sensitive zone. The recent breakout above a descending trendline has formed a cup-and-handle pattern, which, if broken above the neckline resistance, could signal a continuation of upward momentum. However, failure to breach this level may result in another consolidation phase.

Despite the constructive price action and whale behavior, derivatives data show a negative funding rate, indicating that short traders are gaining dominance across perpetual futures markets. This imbalance, when paired with strong spot accumulation, could set the stage for a short squeeze. Spot flows have remained supportive, with inflows totaling, slightly exceeding outflows. This consistent inflow reflects persistent accumulation by market participants, aligning with whale wallet growth and structural chart setups to add further weight to the bullish thesis.

Solana’s DeFi activity has also backed the bullish case, with the network’s Total Value Locked (TVL) rising, pushing above $9.018 billion. This spike in protocol activity indicates that Solana is regaining market relevance, particularly among liquidity providers and decentralized app users. As capital rotates into blockchain ecosystems, demonstrating real usage, Solana’s strong DeFi rebound supports the broader bullish case.

Putting it all together—rising whale holdings, solid spot inflows, and revived DeFi activity—Solana’s structure appears increasingly favorable. While Funding Rates still flagged hesitation, they may serve as the perfect contrarian indicator. A clean breakout could flip short pressure into momentum, propelling Solana toward higher levels. However, bulls must first confirm control by reclaiming resistance and sustaining volume.

Solana’s recent on-chain data suggests that the token might have become wedged between two crucial levels. The “UTXO Realized Price Distribution” (URPD) indicator, which monitors the amount of a particular cryptocurrency that was acquired at a given level, shows that the most important support for the Solana price lies around $129, while the major resistance sits at around $144. A breakout above $144 or a breakdown below $129 could determine the fate of the SOL token over the next few weeks. The next significant support for the Solana price sits around the $10 level, while there is no significant resistance for the altcoin till around the $170 price level based on the URPD indicator.

Solana has been quietly outperforming major altcoins, driven by fresh institutional demand and strategic long-term accumulation. Leading the charge is Janover Inc., which just added $5 million worth of SOL to its treasury. The purchase of 44,158 tokens brings its total to 83,084 SOL, currently valued at $9.6 million. This marks Janover’s second major Solana buy, reflecting a 109% jump in SOL-per-share value. The aggressive accumulation follows an April leadership shake-up, where ex-Kraken executives took over, raised $42 million, and pivoted the firm toward Solana staking and DeFi infrastructure.

Janover isn’t alone in its conviction. SOL Strategies Inc., a Canada-based crypto investment firm, is also betting big on Solana. In March, it added 24,000 SOL to its treasury, now totaling 267,151 SOL, worth over $30 million. What makes this especially notable is that most of these tokens are actively delegated to validator nodes, meaning they’re not just holding—they’re building, with long-term exposure to Solana’s proof-of-stake economy. Despite the solid fundamentals, SOL Strategies’ stock has lagged behind, dropping year-to-date—a stark contrast to SOL’s slide. Still, CEO Leah Wald isn’t blinking. She’s confirmed plans to grow staking operations into other chains like SUI, Monad, and Archway.

On-chain data shows whales are returning, too. One long-dormant wallet scooped up 32,000 SOL just before Janover’s announcement. This same address famously bought 30,541 SOL at $216 during the last cycle—and never sold, even when prices dropped below $10. From a technical angle, Solana is still in bullish territory. After briefly testing resistance at $145, price has pulled back slightly, but key support at $136–$131 remains intact. The 50-day EMA around $131 adds confluence to this zone. A breakout above $145 could unleash bullish momentum, potentially propelling Solana to higher levels. However, bulls must first confirm control by reclaiming resistance and sustaining volume.