Solana (SOL) whales bought $41.5 million in SOL as the token held near $105, keeping the $110 recovery level in focus despite weaker futures activity.
Key Points:
- Solana whales added $41.5 million in recent purchases, including an $8 million buy by a wallet returning after eight months of inactivity.
- SOL traded near $105 after a pullback from $110 to $102, while spot exchange netflow stood near -$4.5 million.
- Technical indicators remained constructive, but continued futures selling could keep the token trapped in its current range.
Solana Whale Buying
Solana fell from $110 to $102 during the broader market slowdown before stabilizing near $105, where it was up 1.4% daily and 13% weekly. Trading activity weakened at the same time.
Volume dropped 64% to $1.8 billion, while $471.85 million left the futures market over 12 hours and only $456 million flowed in.
Large holders kept buying into that slowdown. Lookonchain said a whale returned after eight months of inactivity and bought 76,856 SOL, worth about $8 million, from Hyperliquid. A day earlier, the tracker reported two whales had purchased another $33.5 million in SOL, bringing the recent purchases cited in the report to $41.5 million.
The accumulation followed $138 million in net inflows for Solana spot ETFs, which AMBCrypto had reported earlier as institutional demand strengthened above $100. Coinglass data showed spot exchange netflow later falling to about -$4.5 million, a sign that more SOL was leaving exchanges than arriving.
Also Read: Ethereum Faces $2.3K Test Despite 12-Day ETF Inflow Streak
SOL Price Outlook
Market indicators still leaned bullish despite the slowdown. TradingView data showed the positive directional indicator above the negative directional indicator, while the ADX, its simple moving average and the Bull-Bear Ratio remained constructive.
That setup suggests buyers still hold an advantage, but the next move depends partly on whether futures traders return with enough demand to support another advance. SOL could then retest $110. Sellers remain the main risk.
Solana first reached $110 during its weekly rally, then slid as low as $102 before settling into a narrow $104-$105 range, making $110 the nearest test of renewed momentum.
Read Next: Apple Ships iOS 27 Days After Sept. 9 Keynote, And Europe Loses Siri AI
