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Two months later, a large whale reappeared and withdrew 61,319 SOL. Does this mark the beginning of a new bullish phase for Solana?
- A whale withdrew 61,319 SOL from Binance and OKX at an average price of $202.53, sparking speculation about potential price movements.
- As of the time of writing, the SOL price is hovering around $193.11, with a key resistance level at $211.85, and the open interest has soared to $5.4 billion.
A large Solana [SOL] whale has returned to the scene after a two-month hiatus, making a significant move on February 10th.
The entity withdrew 61,319 SOL, worth approximately $12.4 million, from Binance and OKX at an average price of $202.53 per token.
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This reappearance has sparked market discussions, as such a large transaction typically indicates the strategic positioning of an experienced trader.
SOL Trading Profitability Record
This whale has a successful history of SOL trading, having executed two major transactions during the period from December 27, 2023, to November 30, 2024.
The total profit from these trades was $8.47 million, with a return rate of 38.9% and a win rate of 100%.
Given this track record, market participants are closely monitoring the situation to determine whether this latest move signals a long-term accumulation phase or preparation for another strategic exit.
Key Support and Resistance Levels
As of the time of writing, Solana's trading price is around $193.11, showing signs of consolidation after a recent decline. The 50-day moving average [MA] is at $211.85, while the 200-day MA is around $183.14.
The price is hovering near long-term support levels, and the Accumulation/Distribution [A/D] indicator suggests stable accumulation.
A notable factor in Solana's recent price action is the increase in trading volume, indicating that buyers are entering near the support levels.
If the price successfully maintains above the 200-day MA, a potential rebound could push SOL back into the $210-$220 range.
However, if it fails to hold this support, further downside to $180 may occur.
SOL Open Interest Indicates Rising Market Participation
The Open Interest [OI] chart shows a steady increase in market activity, with the total open interest exceeding $5.4 billion as of the time of writing.
This growth suggests that traders are becoming increasingly interested in Solana futures contracts, which may lead to increased volatility in the coming days.
The surge in OI, coupled with positive funding rates, typically signals bullish sentiment, while an increase in OI during price declines may indicate growing short interest.
The recent whale's accumulation and the increase in OI are consistent, suggesting that institutional participants and large traders may be positioning themselves for a potential uptrend.
If the OI continues to rise along with price stability or appreciation, this could further validate the bullish outlook for SOL.
Market Sentiment and Future Outlook
The whale's decision to withdraw a large amount of SOL rather than directly selling on the exchange suggests a positive outlook.
Historically, large withdrawals from centralized exchanges often indicate that investors are transferring funds to cold storage, which may signal confidence in price appreciation.
If Solana regains momentum and breaks above the $211.85 resistance level, it may quickly resume an uptrend, targeting levels above $230.
However, a breach of the $183 support could lead to a more prolonged period of price consolidation or further downward pressure.
As Solana takes a savvy money-making move, all eyes are on whether this whale's latest withdrawal will signal another profitable rebound or serve as a warning signal for traders.
