Solana whale buys $28.82M in SOL as $150 test nears

A Solana whale accumulated 285,503 SOL, about $28.82 million, over three weeks as the token held near $102.93 on Sept. 8.

Analyst Wayne Liang said Solana could begin another upward leg after the token's roughly 45 percent rally from a buy signal near $75 to a sell signal around $109, though his indicator had not yet confirmed a fresh entry at the time of the post.

The accumulation, spread across three weeks, coincides with SOL's recovery from a low near $98 in early September after a rejection from about $110 on Aug. 28. Price remains above all major daily moving averages — EMA20 at $98.79, EMA50 at $90 and EMA200 at $89.26 — with daily RSI14 at 61.1. Yet the daily MACD histogram has turned negative at -0.6, and the 1-hour RSI14 has dropped to 38.78, evidence that short-term momentum is cooling even as the broader trend holds.

The whale's position now hinges on the $107-$110 resistance cluster that has repelled buyers twice since late August. A daily close above the Supertrend resistance near $110.68 would strengthen the bullish case and open a path toward $115, with the $150 target requiring a sustained breakout. A daily close below $100 would shift attention toward $95 and the Supertrend support near $90.68.

The whale's buying has not yet been matched by broad spot-market conviction. Chaikin Money Flow on the 4-hour chart has fallen to -0.15, showing selling pressure exceeded buying over the measurement period, according to crypto.news. The divergence between price and capital flows suggests the latest rebound lacks strong spot support even as a single large accumulator adds to its position.

Liquidation clusters frame the near-term range. CoinGlass data shows the largest concentration of leveraged positions near $108, a level that could attract price if SOL reclaims $106 and breaks through the $107 area. Downside liquidity is more dispersed, with the closest clusters between $103 and $104 and another near $102.50. A break below $104 could trigger long liquidations and pull SOL toward the $102.98-$103.93 moving-average zone.

On-chain activity on Solana's DEX layer tells a more constructive story than the token's short-term price action. Raydium AMM fees are up 316.68 percent over 30 days, Orca DEX fees up 233.26 percent and HumidiFi up 122.81 percent, per fee-tracking data. That sustained usage growth suggests real demand on the network is not fading even while the token chops sideways.

The broader market backdrop is mixed. Total crypto market cap dropped 3.78 percent in 24 hours while the Fear & Greed Index sits at 69, classified as Greed — a gap between sentiment and price action that can produce sharp moves in either direction once it resolves. For SOL, the whale's accumulation and the unresolved resistance levels leave the token in a two-sided setup where the daily trend remains intact but shorter timeframes are contesting it.

This article is for informational purposes only and does not constitute investment advice.