After a period of absence, a significant Solana [SOL] whale resurfaced on February 10th, executing a substantial transaction that has caught the attention of market participants.
The whale withdrew 61,319 SOL, equivalent to around $12.4 million, from Binance and OKX at an average price of $202.53 per token.
This reappearance has generated discussions in the market, as such substantial movements often indicate strategic decisions made by seasoned traders.
Impressive Trading Performance
This specific whale has built a reputation for profitable SOL trades, having previously completed two significant transactions between December 27, 2023, and November 30, 2024.
The cumulative profit from these transactions amounted to $8.47 million, showcasing a 38.9% return with a flawless 100% success rate.
Given this track record, market observers are now closely monitoring to determine whether this recent move signifies a phase of long-term accumulation or preparation for another strategic maneuver.
Identifying Support and Resistance Levels
At the current moment, Solana’s price is hovering around $193.11, indicating signs of stabilization following a recent descent. The 50-day moving average [MA] stood at $211.85, while the 200-day MA was positioned near $183.14.
The price is closely aligned with a long-term support level, with the accumulation/distribution [A/D] indicator pointing to consistent accumulation.
Noteworthy is the uptick in trading volume for Solana, suggesting active buyer interest around support levels.
A successful retention above the 200-day MA could trigger a potential rally pushing SOL back towards the $210–$220 range.
Conversely, a failure to maintain this support level might pave the way for further downside momentum towards $180.
Rising Open Interest Reflects Increased Market Engagement
The Open Interest [OI] data indicates a steady increase in market participation, with total OI surpassing $5.4 billion currently.
This uptrend signifies heightened trader interest in Solana futures contracts, hinting at potential increased volatility in the days ahead.
An elevation in Open Interest combined with positive Funding Rates typically signals optimistic market sentiment, while an OI surge amid declining prices could signal elevated short interest.
The recent whale activity aligns with the escalating open interest, hinting that institutional players and significant traders may be strategically positioning themselves for a potential upward move.
If OI continues to climb alongside stable or rising prices, this could further confirm a positive outlook for SOL.
Market Sentiment and Future Prospects
The whale’s decision to withdraw a substantial amount of SOL rather than immediately selling it on exchanges indicates a bullish sentiment.
Traditionally, large withdrawals from centralized exchanges suggest investors are moving assets into cold storage, potentially indicating confidence in an impending price surge.
If Solana manages to regain momentum and surpass the $211.85 resistance level, it could resume its uptrend, targeting levels above $230.
On the contrary, a bearish breakthrough below $183 might lead to an extended phase of consolidation or increased downward pressure on prices.