Solana (SOL) price is hovering near the $200 level, with its market cap attempting to reclaim the $100 billion mark and daily trading volume at $4 billion. Meanwhile, the number of Solana whales has been declining after reaching an all-time high of 5,167 on January 25, now sitting at 5,067.
This shift in whale activity, combined with weakening trend strength in the DMI and narrowing EMA lines, suggests that SOL is at a critical point, with both bullish and bearish scenarios still in play.
Solana Whales Are Going Down After Reaching An All-Time High
The number of Solana whales – addresses holding at least 10,000 SOL – peaked at an all-time high of 5,167 on January 25 before beginning a decline. While there was a brief recovery to 5,131 on February 4, the number has continued to decrease, now standing at 5,067.
Monitoring the activity of these large holders is crucial, as whales often play a key role in market trends. Their accumulation can signal confidence and a potential price surge, while a decline in whale addresses may indicate distribution, increasing the risk of selling pressure.
Although the current whale count remains relatively high compared to historical levels, it is nearing its lowest point in the past month. This suggests that some large holders may be reducing their exposure, which could introduce volatility if the trend accelerates.
However, the overall number is still elevated, meaning there is a significant whale presence in the market. Whether this trend continues downward or stabilizes will be a key factor in determining Solana’s next major price move.
Solana DMI Shows Selling Pressure Is Easing, But Buying Pressure Remains Weak
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Author: Tiago Amaral
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