Solana Price Rebounds, Eyes $200 as Whales Return

Solana (SOL) price is attempting a rebound, aiming to reclaim the $200 level after a recent dip below $190. This recovery coincides with a market capitalization nearing $97 billion, indicating renewed investor interest. Technical indicators suggest that a golden cross could form, potentially pushing the price towards $209 and beyond. However, if buying pressure weakens, SOL could face another pullback, with key support levels at $187 and $175.8.

The number of SOL whales – wallets holding at least 10,000 SOL – has seen a significant decline in recent days, dropping from 5,131 on February 4 to 5,053 on February 11. This follows an all-time high of 5,167 on January 25, after which whale holdings began decreasing. Such a decline suggests that some large holders were offloading their positions, potentially creating selling pressure on SOL price. However, the number of whales has started rising again, currently at 5,090, which could indicate renewed confidence among big investors. If whale accumulation continues, it could support Solana price, while stagnation or another decline may signal further weakness.

Solana's Directional Movement Index (DMI) chart shows its Average Directional Index (ADX) at 18.7, down from 22.2 yesterday. A declining ADX suggests weakening trend strength, indicating that the previous downtrend may be losing momentum. Meanwhile, the +DI has risen from 11.3 to 19, while the -DI has dropped from 26.4 to 19, signaling a shift in buying and selling pressure. With ADX declining and +DI rising while -DI falls, Solana appears to be attempting a trend reversal. If buying pressure continues to increase, SOL could establish a new uptrend, but if ADX remains low, the market may stay in consolidation before a clearer direction emerges.

Solana price is attempting to reclaim the $200 threshold after recently dipping below $190. One of its short-term moving averages is close to crossing above another, which could lead to a golden cross. If this bullish signal materializes, SOL could rise to test $209, and a breakout above that level may push it toward $219.