Whale futures demand could propel Solana (SOL) to $223
Solana (SOL) surged to a seven-month high of $211 on August 24 before settling at $209, marking monthly and weekly gains of 16.9% and 8.2%. Large whales withdrew 20,000 SOL ($4.09 M) from Kraken to Kamino for a $3 M USDC loan, then moved funds to OKX, signaling strategic DeFi leveraging. Whales dominated futures markets with four consecutive days of “Big Whale Orders” and pushed open interest to an all-time high of $12.9 B, up 5.14%. The long/short ratio reached 1.02, indicating 50.6% of contracts are longs as traders bet on further upside. However, spot netflow spiked to a three-month high of $76 M in exchange deposits, pointing to increased profit-taking and potential downward pressure. Technical indicators also turned bullish: the Directional Movement Index crossed above 29 and the Relative Vigor Index rose to 0.056. If whale-driven futures demand continues, SOL could test the $223 resistance before month-end; a loss of momentum and sustained profit-taking could trigger a pullback toward $186.
Bullish
Solana’s classification as bullish stems from strong whale engagement in futures markets, an all-time high open interest of $12.9 B, and bullish momentum signals via DMI and RVGI crossovers. Historically, concentrated whale futures positions have preceded major rallies in both SOL and BTC, reflecting market confidence. Although elevated spot netflows indicate profit-taking risks, the prevailing long bias among large holders suggests continued upside potential. In the near term, overcoming the $223 resistance could affirm a sustained uptrend; failure to maintain momentum may lead to a corrective dip toward $186.