Solana's Price Drops 1% as Whales Accumulate 185% Volume Surge

Solana (SOL), the world’s sixth-largest cryptocurrency by market cap, has been attracting significant attention from traders on Binance. Recent data from an on-chain analytics firm indicates that 79% of top traders on the platform are taking long positions on SOL, despite the overall bearish market sentiment.

Technical analysis experts suggest that SOL appears bearish despite its recent price recovery. On April 6, 2025, SOL broke down from its key support level of $115 and closed a daily candle below that level, which it had maintained since March 2024. This breakdown has pushed SOL into an extremely bearish phase. However, the ongoing price recovery seems to be a retest of the breakdown level.

Based on recent price action and historical momentum, if SOL remains below the $115 level, there is a strong possibility it could decline by 30% and reach the $77 level in the near future. This bearish outlook is supported by momentum indicators such as the Relative Strength Index (RSI) and the 200-day Exponential Moving Average (EMA) on the daily time frame.

As of the latest update, SOL was trading near $107 and had registered a price drop of over 1% in the past 24 hours. The asset showed a strong recovery, having hit a low of $95.6 during the market session. Amid this significant price fluctuation and market volatility, SOL’s trading volume has skyrocketed by 185% during the same period.

On-chain metrics reveal that whales, investors, and long-term holders have seized the opportunity to accumulate SOL at the current price level. Data from spot inflow/outflow shows that exchanges have seen an outflow of approximately $140 million worth of SOL over the past 24 hours. This substantial outflow suggests potential accumulation and could lead to buying pressure. However, due to the prevailing bearish sentiment, a strong upside rally may be difficult to achieve.

In summary, the cryptocurrency market is experiencing a tug-of-war between bulls and bears regarding Solana (SOL). While technical analysis points to a bearish outlook with a potential decline to $77, the significant accumulation by whales and long-term holders suggests a potential for a bullish reversal. The market sentiment remains bearish, but the actions of top traders and the outflow of SOL from exchanges indicate a complex dynamic that could influence the future price movements of SOL.