Solana Whales Retreat as Price Hovers Near $200

Solana (SOL) Price Holds Around $200 While Whale Activity Weakens

Solana (SOL) price has been hovering near the $200 level, with its market cap attempting to reclaim the $100 billion mark. Daily trading volume has been around $4 billion. Meanwhile, the number of Solana whales has been declining after reaching an all-time high of 5,167 on January 25, now sitting at 5,067.

This shift in whale activity, combined with weakening trend strength in the DMI and narrowing EMA lines, suggests that SOL is at a critical point, with both bullish and bearish scenarios still in play. The number of Solana whales – addresses holding at least 10,000 SOL – peaked at an all-time high of 5,167 on January 25 before beginning a decline. While there was a brief recovery to 5,131 on February 4, the number has continued to decrease, now standing at 5,067.

Monitoring the activity of these large holders is crucial, as whales often play a key role in market trends. Their accumulation can signal confidence and a potential price surge, while a decline in whale addresses may indicate distribution, increasing the risk of selling pressure. Although the current whale count remains relatively high compared to historical levels, it is nearing its lowest point in the past month. This suggests that some large holders may be reducing their exposure, which could introduce volatility if the trend accelerates.

Solana DMI Shows Selling Pressure Is Easing, But Buying Pressure Remains Weak

Solana DMI chart shows a sharp decline in trend strength, with the ADX falling to 13.5 from 31.5 over the past three days. The ADX, or Average Directional Index, measures the strength of a trend, with readings above 25 typically indicating a strong trend and values below 20 suggesting weak or nonexistent trend momentum.

With the ADX now well below 20, it signals that Solana’s recent trend has significantly lost strength, leaving the market without a clear directional bias. Looking at the directional indicators, +DI is at 20.9 and has fluctuated between 19 and 23 in the last two days,