Whales Move $80M to DeFi as Solana Futures Set New Momentum Benchmark

Solana’s price has surged past $218, driven by significant whale activity and a record-breaking increase in futures Open Interest (OI), fueling speculation that the token could break through key resistance levels and potentially reach $260. Whale accumulation, driven by two large wallet withdrawals totaling $80.7 million from Binance to DeFi protocols like Kamino, has highlighted a growing conviction in Solana’s long-term potential. This movement, reported by on-chain analytics firm Lookonchain, indicates strong capital deployment strategies rather than immediate selling pressure. The shift of capital from centralized exchanges to decentralized platforms suggests a strategic buildup of positions, reinforcing a bullish narrative for the token.

Simultaneously, Solana’s futures market is showing unprecedented strength, with Open Interest surging to $13.68 billion, a record high. This metric, widely used as a leading indicator of market momentum, signals robust participation from both institutional and retail investors. The surge in OI follows the Alpenglow upgrade, which enhanced Solana’s transaction finality from over 12 seconds to just 150 milliseconds, reinforcing its position as a high-performance blockchain. The improvement has attracted institutional investors who value speed and efficiency, contributing to the growing capital inflows into Solana’s derivatives market.

The price action has aligned with these developments, with Solana testing a critical resistance zone near $220–$225. Traders and analysts are closely monitoring this level, as a breakout could pave the way for a move toward $250 and beyond. Technical indicators also support this view, with the 50-day, 100-day, and 200-day moving averages all well below the current price, indicating a strong bullish trend. Additionally, the liquidation of $22 million in short positions has intensified bullish momentum, creating a short-covering rally that could further propel the price upward.

Analysts are also drawing attention to Solana’s adherence to a long-term "Cup and Handle" pattern on the weekly chart. This pattern, identified by analysts on social media, suggests that the token could eventually break above $300 if it sustains its current momentum and holds key support levels. The formation of this chart pattern, combined with Solana’s ability to consistently recover above $200, has positioned it as a standout performer among major altcoins. A weekly close above $260 could flip the all-time high into support, unlocking higher price targets in the long term.

Looking ahead, September is shaping up as a pivotal month for Solana. Short-term traders are watching for potential price tests of $230–$235, followed by a possible retest of the $200–$205 support range. If the token can maintain its position above this range, it could reinforce the bullish thesis and set the stage for further gains. However, a breakdown below $198–$201 could trigger a deeper correction, testing the $186–$191 and even $170–$176 levels. For now, the market is closely watching for confirmation signals, including increased volume on breakouts and sustained institutional participation in the futures market.