Solana breaks down and falls 11%, whales make unusual moves, and the suspense of rising and falling is great!
Solana (SOL)'s recent price performance reflects strong downward pressure. After failing to break through the $220 resistance level, SOL has fallen nearly 11% in the past seven days, breaking through the key support level of $200.
Despite the downward trend in SOL's price, whale activity (the buying and selling behavior of large holders) shows some favorable signs.
From December 28 to January 2, the number of addresses holding at least 10,000 SOL fell from 5,096 to 5,025, indicating that large investors sold a lot during that period, perhaps due to lack of market confidence or profit-taking.
Since January 2, the number of whale addresses has rebounded, increasing from 5,025 to 5,098.
This shows that large investors have begun to re-accumulate SOL, perhaps seeing the potential of the market and starting to regain confidence. Increased whale activity could provide support for a stabilization or rebound in SOL prices.
Downside Support: If the downtrend continues, SOL prices could further test the $185 support level. If this level is broken, the next target could be $176.
Upside Resistance: If the market reverses and whale activity continues to support prices, SOL could first challenge the $197 resistance level. A break above this level could push prices up to $211, which would be a rebound of about 12.8% from the current price.
