The article discusses the recent activity surrounding Solana (SOL) and its price movements. A notable event is the sale of 240,000 SOL tokens by a whale, valued at $35 million, indicating a potential loss of confidence among larger investors. Despite the whale selling off, retail investors are still accumulating, as evidenced by a negative Netflow of -$19.69 million, suggesting a decrease in overall accumulation risk.
Solana’s price faced resistance around $154, dropping to a low of $149 due to downward market pressure. While some whales continue to sell, it’s noted that many are adopting a wait-and-see approach rather than executing panic sales, indicating that these actions might be part of profit-taking rather than a mass exit.
The futures market for Solana is gaining momentum again, with increased trading volume suggesting renewed speculative interest. Overall market sentiment remains cautiously optimistic, with expectations that Solana could bounce back to the $154 level and possibly reach $159 if retail investors maintain their buying activity. However, if retail sentiment shifts towards selling, a drop below $149 to around $140 could occur.
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