Solana Whales Buy the Dip, Price Eyes $180 Recovery

Solana Price Eyes Recovery Toward $180 As Whales Buy the Dip

Solana price experienced a sharp decline, reaching a multi-month low of $126.15, a 57% drop from its highest value this year. However, the cryptocurrency rebounded to $145 following a major purchase by SOL whales.

Solana price saw a major decline, falling from its yearly peak of $295 to $126.15, its lowest level since September 6. The decline also led to a breakdown below the $170 support level. Meanwhile, a Solana whale purchased $14 million worth of SOL, withdrawing it from Binance and staking the tokens. The accumulation occurred before a $1.75 billion token unlock, a typically bearish event. The purchase helped ease sell pressure and contributed to the slight SOL price recovery.

Despite the rebound, Solana price remains below key resistance levels. If the bullish momentum continues, traders target the $170 level as a short-term target. A breakout beyond this level could push SOL toward the $180 mark.

Solana’s total value locked (TVL) has dropped significantly in recent weeks. The TVL, which peaked at $12.19 billion, has now declined to $6.94 billion. The drop reflects lower investor confidence and reduced capital inflow into Solana-based decentralized finance (DeFi) projects. The decline in TVL has been linked to the crash of top Solana-based meme coins. The market cap of Solana meme coins fell from $25 billion in January to $8.9 billion. This shift in capital has negatively affected the Solana network’s liquidity and overall market position.

Solana price is approaching a critical resistance zone between $147.09 and $166.42. This area represents a fair value gap in the market. If SOL breaks above this range, it could signal a stronger recovery toward the $180 resistance level. Supporting the bullish move by SOL whales, technical indicators suggest increasing momentum in favor of buyers. The Parabolic SAR (Stop and Reverse) indicator has shifted below the recent candles, indicating a potential reversal from the previous downtrend. As long as the dots remain below the price, it suggests that buyers are in control,