The broader crypto market showed signs of recovery as its total market cap rose 2.4% to $2.4 trillion, signaling fresh capital inflows. Riding this momentum, Solana [SOL] briefly crossed $90 for the first time in nearly two weeks, hitting a local high of $91.

 At press time, SOL traded at $89, up 4.83% on the daily chart and 2% weekly, while flipping its short‑term EMA20 Moving Average.

A new whale scoops up 200K SOL

In addition to improved overall sentiment, SOL has recorded substantial demand from large entities. With Solana trading below its long-term averages, whales have taken the opportunity to accumulate. 

In fact, Spot Average Order Size showed sustained whale accumulation below $90. As such, whales have created a strong demand wall around the $84 and $86 price levels. 

These levels have recorded continued whale accumulation over the past week, signaling that whales are increasingly active. 

Lookonchain reported one such whale. According to the on-chain monitor, a newly created wallet withdrew 200,000 SOL, worth $17.17 million, and then staked it.

Typically, when whales buy during extended periods of poor performance and turn to staking, it signals conviction in the market. Thus, the whale saw the current price as an ideal entry point but turned to staking for yield, anticipating a market recovery. 

Why is Solana still struggling, though?

While Solana has seen demand from whales and other large entities, it has only been strong enough to prevent a market slip.

As such, sellers have consistently jumped into the market to realize the slightest gains. Looking at exchange flows, $647 million flowed into exchanges over the past three days. 

At press time, Netflow had dropped to -$4 million, a significant reversal from the previous days. This further showed the strength exhibited on 12-hour timeframes.

However, sellers remain extremely active, and buyers are barely holding above them, as evidenced by Buy-Sell Volume. Over the last month, Solana recorded a 175 million in buy volume and 174 million in sell volume.

During this period, Net Volume was negative at about –113 million, showing that selling pressure outweighed buying. However, the narrowing gap suggests buyers are gradually returning and actively competing to regain control.

 Momentum indicators support this view: Solana’s Relative Strength Index (RSI) climbed from 48 to 51, signaling a stronger buyer presence. With RSI holding just above 50, demand‑side strength is rising, though still modest.

Under these conditions, for sustained upside, buyers need to fully displace sellers and flip both the 20 and 50 EMAs. In doing so, they will be incentivized to target $100.

Failure to do so will see the short-term bounce fade, and sellers will pull SOL back toward $84, breaching EMA20 at $86.

Final Summary

• A Solana whale purchased 200,000 SOL worth $17.17 million and then staked it. 
• SOL climbed above $90, rising 4.8%, then retraced to $89 amid an intense battle between bears and bulls for market dominance. 

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Author: Gladys Makena