Major Solana Whale Returns, Withdraws 61,319 SOL, Sparking Bullish Speculation

Major Solana Whale Withdraws 61,319 SOL, Sparking Speculation of Bullish Momentum

A significant whale movement in Solana (SOL) has sparked speculation about a potential bullish phase, as a major player re-enters the market. The recent withdrawal of 61,319 SOL has raised eyebrows, coinciding with critical price points that could suggest strategic trading activity. According to a COINOTAG source, this withdrawal aligned with increased trading volume, indicating a market poised for potential shifts.

Whale activity in Solana may signal an upcoming bullish trend as a significant withdrawal has occurred amidst rising trading interest. A major Solana whale has made headlines by withdrawing 61,319 SOL from top exchanges, valued at around $12.4 million at an average price of $202.53. This re-entry after two months of absence is attracting attention within trading circles, particularly as market analysts monitor the potential implications for SOL’s price movement.

Historically, whales are seen as influential market participants; their transactions can sway asset prices significantly. Currently, SOL’s price hovers near $193.11 with essential resistance levels established as they work through consolidation. The recent whale activity demonstrates a tactical method likely aimed at taking advantage of anticipated price reshuffles. This development coincides with a bullish 50-day moving average of $211.85 and a critical support level around $183.14. Such technical indicators suggest traders should remain vigilant as they may provide essential signals for entry and exit points.

As the market continues to evolve, the SOL price’s interaction with its 50-day and 200-day moving averages highlights crucial trading dynamics. The 50-day moving average currently sits above the current trading price, serving as the primary resistance, while the 200-day moving average establishes a foundational support level. Should SOL maintain its position above these averages, a potential rebound could push prices toward the $210-$220 range in the short term.

The Solana futures market has witnessed an uptick in Open Interest (OI), crossing the $5.4 billion threshold. This increase demonstrates heightened participation from traders and may contribute to increased volatility as SOL evolves within this price range. A surge in OI, especially when coupled with favorable funding rates