A Solana whale has once again bought 47,535 $SOL, valued at around $3.6 million, continuing its buying trend. The purchase followed more than two years of activity involving strategically timed $SOL entries and exits.
Previously, the whale accumulated 291,790 $SOL worth $6.82 million during the August and October 2023 period.
The average price of those purchases was just $23.37, which came before $SOL’s subsequent price surge. Hence, the most recent acquisition reinforced the wallet’s renewed accumulation.
Importantly, the whale purchased Solana rather than transferring existing holdings into an exchange. Such activity represented fresh demand within the provided data rather than potential distribution.
Therefore, a sustained accumulation from this historically strong wallet could support buying growth in $SOL’s current consolidation.
Top traders lean heavily long on Solana
The derivatives positioning data confirmed the accumulation trend, as Binance’s top traders showed a definite buying bias for long exposure.
The long accounts represented 71.84% of the total positions, while short accounts accounted for only 28.16%. As a result, the Long/Short Ratio reached 2.55, leaving bullish accounts more than twice as numerous.
The ratio had risen towards 2.9 before pulling back to its current level. However, long accounts continued controlling a substantial majority despite that moderation.
The positioning suggested that bigger traders at Binance have been bullish on $SOL while the token consolidated around the nearby technical levels.
Meanwhile, whale accumulation provided an additional source of demand off the leveraged positioning picture. Both metrics helped to support the bull market sentiment, but overcrowding in longs could make for a more liquidation-prone scenario during sharp declines.
Can $SOL turn $74.53 into a base?
Solana [$SOL], at the time of writing, traded around $76.07 after defending the $74.53 support, keeping its recovery structure above an important price floor.
However, the DMI still reflected a narrow bearish advantage rather than decisive buyer control. The -DI stood at 18.5574, slightly exceeding the +DI reading of 17.5755.
Directional strength continued to be weak, with ADX at 8.4835. As a result, neither side had a strong enough presence to really control $SOL’s full range.
Price action had repeatedly encountered resistance around $78.03, making that level the immediate upside test. A higher push above $78.03 may create space for a move towards the higher $83.98 resistance level.
Otherwise, renewed selling might push $SOL back up to $74.53, while a break below this level could expose the $70.34 level into another challenge.
Liquidation clusters tighten Solana’s battleground
Liquidation liquidity is concentrated closely around $SOL’s current market price, creating potential attraction zones on both sides of the range.
The heatmap drew significant downside liquidity almost directly under $SOL’s recent trading range at $75.00 – $75.20.
Another significant level of concentration formed around $76.50 – $76.80, just above recent price action, though not as dense as the downside liquidity.
Therefore, $SOL faced nearby liquidity in both directions before reaching its broader technical boundaries.
The upper cluster could attract price first during renewed buying, bringing $SOL closer to the $78.03 resistance.
However, the denser downside volatility could instead bring liquidity down to the near-$75 level before testing the $74.53 technical support. The proximity of both clusters increased the importance of whichever side gained directional strength first.
Whale demand and long positioning currently favored buyers, but the weak ADX indicator kept the immediate breakout unresolved.
Final Summary
- $SOL whale accumulation strengthened while Binance top traders maintained dominant long exposure.
- Holding $74.53 for Solana could keep buyers positioned for another challenge of $78.03.