Solana has recently experienced significant trading activity, highlighted by a major whale selling off 240,000 SOL tokens valued at $35 million. This occurred after the altcoin attempted to break out but was rejected around the $154 mark, retracing to a lower point of $149, indicating substantial downward pressure in the market.
The actions of larger entities suggest a growing impatience among whales and institutions. A whale wallet previously unstaked 1 million SOL—worth approximately $139 million—nine days ago and has since been liquidating its holdings.
This aggressive selling activity raises concerns about the confidence of whales in Solana’s future outlook. Additionally, data shows that the Spot Average Order Size has shrunk, indicating that whales are retreating from the market.
In contrast, retail investors appear to be increasingly optimistic about Solana. While whales sell, small-scale traders are accumulating, leading to a negative Netflow of -$19.69 million at press time.
A decline in Netflow often signals accumulation and may indicate a declining sell-side risk. Historically, such market behaviors have been precursors to upward price movements, particularly when markets are on the verge of shifting trends.
Meanwhile, the Futures markets are showing signs of renewed activity, with Perpetual Futures Volume rebounding to $484 million. This increase suggests a rise in speculative interest among traders, hinting at greater market engagement.
Despite whale selling, current indicators do not suggest widespread panic among large-scale investors. The selling is likely part of a broader strategy involving rotation and profit-taking rather than an indication of a market downturn.
If retail investors continue accumulating, Solana may seek to reclaim $154 and aim for $159. However, should retail sentiment shift towards selling, the price could slip below $149, potentially heading towards $140.