Data from Whale Alert shows that over 2.5 million Solana (SOL) has been transferred to Binance in multiple waves. The total value of these transactions exceeds 836 million USD, indicating a huge amount of SOL potentially entering the market. Such moves often suggest that holding investors may be preparing to liquidate positions, a trend that typically signals potential selling pressure.

At the same time, 54 million USD has been transferred to Coinbase Institutional, indicating a more strategic allocation rather than mere liquidation.

This contrast has led investors to question whether whales are preparing for a significant market move.

Solana's price maintains its upward momentum towards the $260 level

The daily chart shows Solana consolidating around the support zone of $214–220, which has acted as a foundation for the recent upward trend. An upward trendline extending from April continues to provide structural support for the bullish outlook.

The repeated rejection near the $240 level indicates that buying investors are not yet committed enough to push prices higher. If the support level holds, Solana has the potential to recover to $260.

Solana sẽ ra sao khi đối mặt đợt bán tháo trị giá 836 triệu USD từ cá voi

Source: TradingView

Conversely, if a breakdown below the support level occurs, this altcoin could face prolonged volatility, especially as whale activity increases on centralized exchanges.

The declining network activity raises questions

The number of daily active addresses has decreased by nearly 27% in a week, from 2.6 million to 1.9 million. This decline reflects weakening user participation, raising concerns about market sustainability. Although the market remains resilient under pressure, the disparity between price performance and declining on-chain activity creates potential risks.

Moreover, the decline in participation levels may limit trading volume and ecosystem development, both of which are crucial for sustaining bullish narratives.

Solana sẽ ra sao khi đối mặt đợt bán tháo trị giá 836 triệu USD từ cá voi

Source: Santiment

Thus, the decline in participation is currently a key factor shaping investor perception and confidence.

The derivatives market remains in a bullish trend

The perpetual futures market provides additional insight into Solana's sentiment.

The funding rate weighted by open interest is at a slightly positive +0.0074%, indicating that investors are still willing to pay extra fees to maintain long positions. This behavior reflects confidence in the bullish potential but also increases the risk of sudden liquidations if momentum wanes.

Solana sẽ ra sao khi đối mặt đợt bán tháo trị giá 836 triệu USD từ cá voi

Source: CoinGlass

While speculative demand continues to support price stability, the divergence between optimism in the derivatives market and weakening on-chain activity could trigger volatility.

Will SOL retest the support level before recovering to $260?

Currently, whale activity continues to shape Solana's short-term trajectory, as the inflow to exchanges indicates potential selling pressure, while institutional investors hint at strategic repositioning.

Price action in the $214–220 range remains crucial, serving as a foundation for any attempts to climb higher. With the decline in network participation and derivatives investors maintaining a cautious stance, the market is caught between conflicting signals.

Finally, the selling pressure driven by whales may force Solana to retest its support zone before recovering towards the $260 level in the upcoming trading sessions.

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