- Solana faces mixed whale activity and technical weakness, casting doubt on its short-term path to $160 despite bullish sentiment.
- Solana must break through the $155 resistance zone to regain momentum, as rising CDD and falling open interest signal market uncertainty.
Whales Stir the Waters: Split Sentiment Sends Mixed Signals
Solana (SOL) is currently navigating choppy waters as large investors — known as whales — send conflicting signals to the market. In just the past 24 hours, one whale staked a hefty 61,838 SOL (worth $8.88 million), while another dumped 44,539 SOL, locking in a $649,000 profit. This divergence reflects uncertainty among institutional players, with some doubling down on long-term gains while others opt to cash out.
The market remains reactive, and these opposing actions have unsettled both sentiment and price direction, leaving traders wondering: Is SOL still on track to reclaim $160?
Dormant Coins Awaken: CDD Spike Flashes Warning
Adding to the volatility, Solana just experienced its third-highest Coin Days Destroyed (CDD) spike of the year — 3.55 billion — indicating a sudden movement of long-dormant tokens. Historically, such surges suggest repositioning by major holders rather than organic accumulation. If these coins are heading to exchanges, the risk of downward pressure increases significantly.
This unusual on-chain activity may be a prelude to a larger structural shift, possibly triggering either a fresh rally or an extended sell-off.
Bullish Bias Faces Resistance: Can SOL Break Free?
Despite a sharp long bias — with 75.89% of traders holding long positions and a long/short ratio of 3.15 — SOL continues to struggle below key levels. It currently trades at $148.71, under both its 9-day and 21-day moving averages ($154.91 and $165.31 respectively). The RSI at 36.84 confirms weakened momentum, putting bulls in a tough spot.
The Binance Liquidation Heatmap highlights thick resistance between $148 and $155. Unless SOL breaks through this liquidity wall, the road to $160 remains blocked.
Caution Ahead: Technical Weakness vs Whale Optimism
While whale staking and bullish sentiment suggest optimism, the technical outlook paints a bleaker picture. The bearish MA crossover, falling open interest (down 4.26% to $380.16 million), and dense resistance zones point to increased fragility.
If SOL fails to break above $155 soon, it could face a sharp correction. On the flip side, a clean breakout could ignite a rapid move toward $160.
