Solana rattled by whale moves – Is SOL’s path to $160 still alive?
The post Solana rattled by whale moves – Is SOL’s path to $160 still alive? appeared on BitcoinEthereumNews.com.
A whale sold 44,539 SOL for $6.8M profit while another staked $8.88M, revealing split sentiment. Solana traded below both key moving averages with RSI near 36.84, confirming weakened trend strength. Solana [SOL] saw diverging whale behavior over the past 24 hours. One whale staked 61,838 SOL, signaling conviction in long-term upside. Another unstaked and sold 44,539 SOL, locking in $649K in realized profits. This divergence highlights a split in sentiment among large players. Some may be locking in gains from the recent uptrend, while others double down on potential upside. Therefore, the market remains in a state of uncertainty, driven by whale positioning and reactive retail behavior. Are dormant coins waking up? In parallel, Solana registered its third-highest Coin Days Destroyed (CDD) spike of 2025, hitting 3.55 billion. Only the 26th of February and the 3rd of March had higher readings. Such a spike shows that long-held, dormant SOL tokens are now in motion. Typically, this type of activity suggests strategic repositioning by large, inactive holders. As a result, this could be early evidence of a market transition, either into a broader profit-taking wave or a structural shift. If these dormant coins head toward exchanges, downward pressure may rise. Source: Glassnode Are overconfident bulls risking a shakeout? Data from Binance showed 75.89% of traders are in long positions, with the Long/Short Ratio of 3.15. This heavily skewed positioning suggests overconfidence from bullish traders. Additionally, recent liquidations total $1.73 million for shorts versus only $96,000 for longs. This imbalance indicates a short squeeze, pushing prices upward. However, such asymmetry can lead to a sudden reversal if momentum fades. Source: CoinGlass Is SOL’s trend breaking down technically? Despite a recent bounce, SOL traded at $148.71 — below both its 9-day and 21-day moving averages, which stood at $154.91 and $165.31, respectively. The…
Filed under: News - @ June 7, 2025 2:21 am