A cryptocurrency whale has purchased 44,000 Solana (SOL) tokens, worth $8.37 million, but the buying activity has not yet pushed the price significantly higher. SOL was trading near $192 at the time, reflecting a modest 0.75% increase.
The whale, known by the wallet address Ax6Yh7, has been active for months, accumulating a total of 844,000 SOL since April 2025, valued at approximately $149 million. The holdings have also been staked, signaling strong confidence in Solana’s long-term potential.
Despite the accumulation, trading volume has dropped by 22% to $5.10 billion, suggesting overall market interest has weakened. Analysts highlight the $196 resistance level as a critical barrier. Historically, reaching this price has triggered strong selling pressure, often leading to price reversals.
Technical indicators provide mixed signals. The Average Directional Index (ADX) at 31 points to strong momentum, while the Supertrend remains bearish, indicating that the token may still be in a short-term downtrend. Derivative data shows $84.47 million in short positions against $65 million in long positions, highlighting current seller dominance.
Analysts note that a successful breakout above $196 could trigger a near-term rally of about 10%, potentially pushing SOL toward $218. Failure to breach this resistance may lead to renewed selling pressure and a drop toward $180, following past price patterns.
Traders are closely watching these levels to determine whether Solana can maintain upward momentum or face further short-term declines.
