Currently, many digital currencies are in consolidation mode, with Solana (SOL) trying to stay above the support zone of $124. The extreme sell-off has subsided, but Solana is currently trading at $126.79 with a slight increase of 1.99% in the last 24 hours.
In recent hours, however, significant movements have been seen from whales, suggesting a bullish position among large investors, which could potentially lead to a price increase of SOL.
A newly created wallet has indeed taken up 201,755 SOL from the Binance exchange, according to the data from Lookonchain. This transaction was worth $25 million and indicates renewed interest in Solana, which many may see as a buying opportunity for the coin.
Solana has established itself as one of the best-performing altcoins on the market in recent months. After reaching an all-time high (ATH) of $294.33 on January 19, the SOL price has dropped significantly, in line with the broader market decline.
Solana has recovered several times in recent weeks, but sentiment remains generally negative. The Solana ecosystem is currently undergoing a major stress test, as the meme-coin trend that stimulated growth is now acting as a headwind. This is also reducing interest as investors prefer less risky assets, fearing possible economic unrest.
The increase in whale activity, however, suggests a turnaround may be coming, despite the recent downturn. Market figures show that SOL may already be oversold, a picture confirmed by the Relative Strength Index (RSI).
The RSI is currently at 36 on the daily chart, suggesting a recovery may be imminent. In addition to adoption by whales, the Solana ETF update from the United States is an important trend to watch.
Proponents believe that opening access to institutional investors could be the next step to break Solana through its ATH of $294 and set a new record price.
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