Solana Whales Flee as SOL Price Drops Below $150
1min read Solana (SOL) has been struggling to maintain its price above $150 since March 3, with technical indicators suggesting a bearish trend. The number of Solana whales, defined as addresses holding at least 10,000 sol, has declined recently, indicating that some large holders may be reducing their exposure to the cryptocurrency. This trend raises concerns about potential selling pressure and limits the upward momentum of SOL.
Solana’s total value locked (TVL) remains below $10 billion, highlighting weakening engagement in its decentralized finance (DeFi) ecosystem. TVL represents the total amount of assets deposited in a blockchain’s DeFi protocols and serves as a key indicator of network activity and investor confidence. A higher TVL suggests strong ecosystem engagement, while a declining TVL can indicate reduced liquidity and fading interest. For SOL to regain bullish momentum, it would need renewed whale accumulation, a recovery in TVL, and a breakout above key resistance levels.
Solana’s TVL has been steadily declining and is currently at $8.87 billion. The last time it surpassed $10 billion was on February 22. A declining TVL often reflects lower capital inflows and reduced activity in lending, staking, and trading protocols, limiting upward price momentum. For Solana’s bullish case to strengthen, its TVL would need to stabilize and recover, signaling renewed investor confidence and increased network utility.
Tracking whale activity is crucial because large holders can influence market trends. Accumulation often signals confidence in price appreciation, and distribution often indicates potential selling pressure. A sustained increase in whale numbers typically suggests strong demand, while a decline can hint at weakening sentiment. With the recent drop in Solana whale addresses, there are concerns that some large holders may be reducing exposure, which could create selling pressure on SOL. If this trend continues, it could limit upward momentum and lead to price consolidation or declines. However, if whales resume accumulation, it would indicate renewed confidence in Solana’s long-term prospects, potentially supporting a stronger price recovery.
Solana’s EMA lines indicate that the current setup remains bearish, with short-term averages still positioned below long-term ones. This alignment suggests that downward pressure persists, limiting immediate upside potential. However, if the trend reverses and buying momentum strengthens, SOL could climb toward $160.7, and a breakout above this level could push 