Solana (SOL) price is up 10% on Tuesday, February 4, as it attempts to hold above $200. Its market cap has recovered back above $100 billion. Despite this rebound, trading volume has dropped by roughly 40%, now sitting at $8.9 billion over the same period.
Meanwhile, SOL whale activity is showing signs of recovery after a recent decline, and key trend indicators remain undecided on the asset’s next move. Whether Solana can sustain its momentum or face renewed downside pressure will depend on how it interacts with critical resistance and support levels in the coming days.
Solana Whales Are Recovering From A Recent Fall From Its All-Time High
The number of Solana whales – addresses holding at least 10,000 SOL – has rebounded to 5,120, up from 5,096 just four days ago.
While it remains below the all-time high of 5,167 recorded on January 25, the recent increase suggests continued accumulation by large holders. This comes after a rapid surge from 5,054 on January 17, highlighting strong interest from big players in the market.
Tracking SOL whales is crucial because their buying and selling activity can significantly impact price trends. Large holders often signal confidence in the asset, and their accumulation can indicate bullish sentiment.
While the number is slightly below its peak, the fact that it is recovering suggests that major investors are still engaged, which could support SOL price stability or even future upward momentum.
Solana is Experiencing a Weak Downtrend Trend
Solana’s DMI chart shows its ADX at 33.5, which is a rise from 10.5 just four days ago. While it peaked at 36.2 a day ago, its current level still indicates a strengthening trend
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Author: Tiago Amaral
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