Solana: 3 reasons why SOL can hit $223 before September ends

Key Takeaways

Solana hit $211 before easing to $209 as whales fueled Futures demand. Open Interest reached $12.9 billion, and profit-taking hinted at near-term risks.

Solana [SOL] jumped to a 7-month high of $211 before easing back to $209 at press time. This bullish outlook extended across the monthly and weekly charts, rising by 16.9% and 8.18%, respectively.

Amid this sustained uptrend, large entities, especially whales, are making significant moves. 

Solana whale moves 20,000 SOL

According to Onchain Lens, a whale withdrew 20,000 SOL worth $4.09 million from Kraken and deposited it into Kamino to borrow $3 million USDC.

After these transactions, the whale transferred the funds to OKX, suggesting DeFi leveraging. In fact, such a move signaled strategic positioning for the next market leg, with the whale eyeing direction bets.

Whales jump into Futures

As whale activity intensified, they appeared to target Futures markets.

Futures Average Order Size data from CryptoQuant showed four consecutive days of Big Whale Orders. When this metric highlights whale activity, it implies that whales dominated trading volumes.

Interestingly, when we examine the Derivatives market, these participants are mostly bullish. According to CoinGlass, Futures Open Interest jumped 5.14% to a new all-time high of $12.9 billion. 

Such a spike in OI reflects steady capital inflow and increased participation in Futures. Meanwhile, the altcoin’s Long/Short Ratio jumped to 1.02, where longs accounted for 50.6% of the total contracts. 

With longs dominating, it implied that whales rushing into Futures are mainly betting on Solana’s price to rise further. 

Solana profit takers pose a threat

Unsurprisingly, as Solana’s price continued to rally, so did the appetite among holders and investors to cash out. 

Spot Netflow data from CoinGlass turned positive, spiking to a 3-month high of $76 million.

Such a surge pointed to heavier exchange deposits than withdrawals, a sign of aggressive selling. Having said that, persistent inflows often create downward pressure—a warning of potential pullbacks.

Can Futures demand sustain the rally?

According to AMBCrypto’s analysis, Solana continued to rally as whale demand for Futures positions skyrocketed. 

As a result, the altcoin’s Directional Movement Index (DMI) made a bullish crossover, hitting 29. At the same time, its Relative Vigor Index (RVGI) also made a bullish crossover, reaching 0.056. 

Typically, when these momentum indicators make a bullish crossover, it signals a strong uptrend and its likelihood to continue. 

Having said that, if buyers, especially whales, continue to accumulate for strategic positioning, Solana will find the next significant resistance at $223. 

Conversely, if momentum faded and whales withdrew capital while profit-taking stayed strong, a correction could follow. In that case, Solana (SOL) might pull back toward $186.