Solana News Today: Solana Price Rebounds on $11.23M Whale Buy Amid Bullish Indicators

Solana [SOL] recently witnessed a significant buying surge as a whale acquired 60,000 tokens worth $11.23 million, triggering a short-term price rebound. The token initially rose from $175 to a local high of $190 before pulling back to $187 at the time of reporting. This marked a reversal from a previous weekly decline of 9.25%, suggesting renewed interest from large market participants. The whale activity, identified by Onchain Lens, signaled a belief in the asset’s undervaluation and strategic positioning for potential future gains [1].

The buying pressure was evident on-chain, with Coinalyze reporting $3.4 million in buy volume against $3.2 million in sell volume. This indicated stronger demand amid the rebound. Meanwhile, AMBCrypto noted that the whale had also entered the futures market, marking the first large whale order in seven days. CryptoQuant’s Futures Average Order Size data reinforced the strategic nature of the whale’s accumulation, while the Long Short Ratio climbed to 3.38, with long positions accounting for 77.19% of total futures contracts. These figures suggest a majority bullish outlook among traders [1].

Despite this optimism, profit-taking emerged as a near-term risk. CoinGlass data showed a positive spot netflow of $12.03 million on August 21, down from $19 million the prior day. A positive netflow often signals investors are selling more than buying, which may precede a pullback. This dynamic has already led to some consolidation as traders look to lock in gains [1].

Momentum indicators remain at a critical inflection point. Solana’s Stochastic RSI stood at 23, with the signal line near 26, hinting at a potential bullish crossover. The Directional Movement Index (DMI) also moved from 24 to 25, suggesting a growing bullish bias. For the uptrend to hold, these indicators must confirm a crossover by pushing above key resistance levels. A successful break above $191 could position the price toward $205. However, if downward pressure from profit-takers persists, the DMI and Stochastic RSI may fail to confirm the bullish signal, leading to a potential breakdown to $174 [1].

The market’s ability to sustain upward momentum will depend on the balance between new buying pressure and profit-taking activity. While the whale’s entry is a strong bullish signal, the recent volatility underscores the need for caution. The next few days will be pivotal in determining whether Solana can solidify its recovery or face renewed downward pressure as traders test key support and resistance levels.

Source: [1] Solana – Examining impact of $11M whale buy on SOL prices (https://ambcrypto.com/solana-examining-impact-of-11m-whale-buy-on-sol-prices/)