Solana Whale Buys 44K SOL at $196 Resistance, Targets Rally
Solana traders are eyeing a pivotal $196 resistance as a whale address piled up 44,000 SOL ($8.37M), driving SOL price to around $192. This accumulation brings the whale’s total holdings to 844,000 SOL since April 2025, underlining strong network confidence. On-chain data from Lookonchain shows reduced circulating supply as whales HODL tokens. Despite the price lift, trading volume dropped 22% to $5.1 billion, raising caution around the $196 barrier, which has historically prompted pullbacks. Technically, SOL broke a descending trendline with an ADX of 31 signaling robust momentum, while the Supertrend indicator remains bearish. A decisive break above $196 resistance could spark a 10% rally toward $218; failure may see SOL retreat to $180 support. Derivative insights from CoinGlass reveal $84.5 million in shorts outweighing $65 million in longs, with key liquidation thresholds at $195.8 and $189.8. Traders should watch volume shifts and on-chain metrics to confirm any breakout.
Bullish
A significant whale purchase of 44K SOL near the $196 resistance underscores strong buying pressure and long-term confidence in Solana. On-chain data confirming reduced circulating supply and a breakout above the key resistance could fuel a 10% rally to $218. While a volume decline and bearish Supertrend pose short-term risks, the overall buying momentum and potential upside outweigh downside, pointing to a bullish outlook.