Solana (SOL) Price Falls Below $190 Despite Whale Accumulation

Solana (SOL) price has experienced a sharp decline, falling nearly 11% in the past seven days after failing to break the $220 resistance level. Following that rejection, SOL dropped below the critical $200 threshold, reflecting intensified bearish momentum.

Despite this downturn, whale activity shows signs of renewed accumulation, with large holders steadily increasing their positions over the last five days. These developments indicate the potential for a price rebound, although SOL’s immediate outlook remains under bearish pressure.

SOL Whales Keep Accumulating

The number of addresses holding at least 10,000 SOL saw a sharp decline from 5,096 to 5,025 between December 28 and January 2, reflecting significant sell-offs among large holders during this period. Tracking these so-called whales is crucial because their buying and selling activities often have a substantial impact on the market.

When whales reduce their holdings, it can indicate a lack of confidence or profit-taking, leading to increased selling pressure and potential downward movements in price.

Number of Addresses with at least 10,000 SOL. Source: Glassnode.

However, the number of whale addresses has started to recover, increasing from 5,025 on January 2 to 5,098 as of January 8. This rebound suggests renewed accumulation by large investors, which could be a positive sign for Solana price stability or recovery in the near future.

Despite SOL being in a downtrend and losing 14% over the past two days, the growing whale activity may signal improving sentiment and a possible foundation for a price reversal if the trend continues. Such movements often reflect a shift in confidence that could support SOL’s price in the midterm.