In the past week, large investors (commonly referred to as 'whales') have accumulated 202,400 SOL tokens, with a total value of up to $35 million.
Notably, these whale investors not only purchased SOL but also chose to stake their held SOL tokens, an action typically viewed as a positive outlook for SOL as a long-term investment target. Statistics show that this series of notable SOL acquisitions was led by only three whale investors.
Lookonchain points out that the whale wallet address 'AA21BS' withdrew over 153,511 SOL, valued at $26.4 million. Another wallet address 'EHax' withdrew 35,498 SOL, valued at $6.12 million, and the final whale wallet address 'EGzi' withdrew 13,000.8 SOL, valued at $2.3 million.
However, these significant withdrawals were made from the Binance and Kraken cryptocurrency exchanges.
Solana Technical Analysis and Key Levels
According to data, this significant accumulation occurred after the bullish head and shoulders pattern breakout was retested, indicating an optimistic outlook for SOL holders.
Technical analysis from AMBCrypto reveals that SOL is exhibiting a strong upward trend, steadily moving towards a key resistance area of $195. Based on recent price dynamics, SOL is highly likely to reach the $195 mark within the next few days.
Additionally, a recent series of notable SOL acquisitions and the warming market sentiment suggest that SOL may challenge and reach its historical peak of $260 in the near future. As of now, the 200-day Exponential Moving Average (EMA) continues to emit positive upward signals.
Mixed On-chain Indicators
Despite the optimistic outlook, SOL's on-chain indicators suggest mixed market sentiment. According to data from on-chain analysis firm Coinglass, SOL's long/short ratio is currently 1.03, indicating bullish sentiment among traders.
However, its open contracts have decreased by 7%, indicating that there may be short position liquidations in the recent uptrend.
As of now, the major resistance levels are at $172.9 below and $178 above, with traders' leverage being too high at these levels.
If SOL's sentiment remains unchanged and the price rises to $178, short positions worth nearly $16.7 million will be liquidated. Conversely, if sentiment changes and the price drops to $172.9, long positions worth approximately $36.06 million will be liquidated.
Long positions currently dominate the asset, as long positions are twice those of short positions.
Currently, SOL's trading price is close to $176.33, with a slight increase of 1.2% in the past 24 hours. During the same period, its trading volume grew by 30%, indicating increased participation from traders and investors driven by whale involvement.
