Solana price momentum is approaching key resistance levels amid growing whale accumulation.

• Rising open interest and significant liquidity suggest that the Solana market could see significant volatility in the coming period.

Solana [SOL] has made a splash by surpassing Ethereum to take the top spot in DEX (Decentralized Exchange) trading volume over the past 7 days, hitting $11.8 billion compared to Ethereum’s $9.2 billion. This explosion has many wondering if Solana is gearing up for a major bull run.

Therefore, a deeper look at Solana’s price action, whale activity, liquidity data, and open interest levels is necessary to understand whether this could be a defining moment in the crypto market.

Can Solana overcome resistance and break out?

Currently, SOL is trading at $153.09, reflecting a decline of 0.99% over the past day. However, despite the slight decline, the price is still maintaining an upward trend.

More importantly, the $163.66 level acts as a major resistance level. If Solana breaks through this level, a bullish move could be on the cards.

Additionally, the RSI at 52.31 suggests neutral momentum, while the MACD hints at bullish momentum building. So, all eyes are on whether Solana can continue the trend and head higher.

Source: TradingView

SOL Whale Accumulation Signals Potential for Surge

Interestingly, Solana’s largest holders — whales with over $5 million in holdings — now control 57.07% of the stablecoin’s supply. This increase in whale proportion suggests strategic speculation. Historically, accumulation behavior from such large holders has often signaled price increases.

So, this accumulation raises expectations that SOL could see a strong rally soon. Whales could be positioning themselves for a big move, indicating confidence in Solana’s long-term prospects.

Source: Santiment

Is SOL Liquidation Paving the Way for Further Volatility?

Liquidation data shows that $348,390 in long positions were liquidated in the past 24 hours, along with $70,020 in short positions. The high liquidation level in long positions indicates that traders are staking on a continued price increase.

However, this also shows a high level of leverage in the market, which could turn around if key resistance levels fail to hold. As a result, further price movements could occur if the market moves against overextended investors.

Source: Coinglass

Rising open interest indicates market optimism

Open interest in SOL increased by 2.26% to $2.45 billion. This increase signals growing trader interest and anticipation of strong volatility in the near future.

Furthermore, with Solana leading in DEX trading volume, investors are staking their bets on its ability to outperform the overall market.

Source: Coinglass

With strong performance and whale accumulation, the potential for a bull run is clear. If price breaks through resistance and avoids further liquidations, the market could see a rapid surge.

However, traders need to be cautious due to the risk of liquidation. However, Solana is well-positioned to lead the next bull run in the crypto market.

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