A dormant Solana whale has reactivated after ten months, unstaking 300,439 SOL (worth approximately $26.1 million) and depositing the entire amount into the Binance exchange. The move was flagged by blockchain tracker Lookonchain, citing wallet address AMekyY. Such activity is often seen as a precursor to large-scale distribution, raising fears of imminent selling pressure.
On-chain data shows that net flows to exchanges remain positive, reaching $20.88 million, suggesting a broader retail willingness to sell. Solana's RSI is currently at 49.74, a neutral level reflecting market indecision. The price is trapped between support at $78.50 and resistance at $97.72. A breakdown below $78.50 could trigger forced liquidations on long positions, as the funding rate has turned positive at 0.0032%, indicating a dominance of leveraged longs without accompanying price gains.
Meanwhile, analyst Ali Martinez points to a symmetrical triangle pattern on Solana's 1-hour chart, which is nearing its apex. Historically, such formations resolve with a move of about 10% in either direction. As of the latest data, Solana trades at $84, below the pattern's midpoint, hinting at bearish risk.
Combining whale distribution, rising exchange inflows, and a technical setup at a critical juncture, Solana faces elevated volatility. The path of least resistance appears sideways to bearish unless a decisive breakout above $97.72 occurs.
