Solana steadies after $10.26M whale buys 121,368 SOL near support
A whale executed a $10.26 million accumulation of 121,368 SOL via multiple USDC→SOL swaps at an average price of $84.57, indicating structured, non‑impulsive buying. SOL trades inside a long-term descending channel, hovering around $84 and just above the $78.50 macro support — a key inflection point. Immediate resistance sits near $120 with a stronger supply zone around $146.72. Technicals show improving momentum: daily MACD is converging (MACD line ~1.50) with green histogram bars but still below zero, so a full reversal is unconfirmed. On-chain metrics support the accumulation narrative: 90‑day Spot Taker CVD shows taker‑buy dominance, and SOL exchange netflows are net negative (latest -$5.64M), indicating withdrawals that reduce short‑term sell pressure. The alignment of whale accumulation, buyer‑dominant order flow, and continued exchange outflows raises the chances of gradual upward pressure, but SOL must hold $78.50 and reclaim $120 to break the descending structure. For traders: watch taker CVD, exchange flows, whale wallet activity, and price action at $78.50 support and $120 resistance for signs of sustained reversal or renewed selling.
Bullish
The news points to constructive accumulation rather than distribution: a $10.26M whale buy executed via multiple USDC→SOL swaps, taker CVD showing buyer dominance, and sustained exchange outflows (-$5.64M) reduce immediate sell-side supply. These factors align to increase upward pressure and often precede rallies or at least short‑term stabilization. However, key technical constraints remain — SOL is inside a long-term descending channel and momentum indicators (MACD) remain below zero, so the bullish case is conditional. Short‑term impact: likely stabilization and potential bounce if buyers sustain taker activity and outflows continue; traders may see relief rallies toward $120. Long‑term impact: unless bulls reclaim $120 and break the channel, the overall downtrend persists and any rallies could be capped near higher supply zones (≈$146.72). Similar past events: structured whale accumulation plus exchange withdrawals (e.g., previous altcoin recoveries) have led to multi-week recoveries when paired with sustained taker buying; absent follow-through, such accumulation often only produces short-lived bounces. Trading actions: monitor taker CVD, exchange netflows, whale wallet movement, and price reaction at $78.50 (support) and $120 (resistance) for confirmation before adding directional exposure.