Solana’s price eyes $200 after whale buys SOL worth $12M

Key Takeaways

Solana surged 5% as whales withdrew $12 million to Kamino, Buy-Sell Delta turned positive, and a golden cross formed. All eyes are now on the $172 resistance for a potential breakout.

Solana [SOL] rallied 5.08%, rising from $162 support to a local high of $171. The move came alongside a 23.54% surge in trading volume, pushing total turnover to $4.94 billion, suggesting renewed capital inflows.

But what exactly triggered this price spike?

Whale accumulation returns with a $12M transfer

As markets retraced, whales decided to close positions. Recently, whale behavior has shifted once again, and they’re accumulating. 

According to Lookonchain, a whale bought 71,000 SOL tokens worth $12 million from Binance. After this acquisition, this whale deposited it into Kamino, most likely to earn yield. 

Typically, when whales move from a liquid, sellable supply on a CEX to locked collateral in DeFi, it implies they’re positioning for yield.

Such a move signals long-term and firm conviction in the market as they anticipate more gains for their holdings. 

Retail joins the rally

Coinalyze data confirms that retail traders followed suit. Solana recorded a positive Buy-Sell Delta for three consecutive days.

On the 5th of August, Solana saw 553K in Buy Volume compared to 532K in Sell Volume. As a result, Buy Sell Delta held within positive territory, holding at 21K, a clear sign of aggressive accumulation. 

The same accumulation trend was observed on exchanges. As such, Spot Netflow turned negative after holding within the positive zone for two consecutive days. 

According to CoinGlass, Solana Netflow dipped to -$6.86 million, signaling a higher outflow compared to inflow. When Netflow is set like this, it means that exchanges are recording more buy orders than sell orders, as observed earlier. 

Historically, a sustained trend of higher buying pressure resulted in higher prices amid intense upward pressure. 

Futures traders double down on long exposure

Interestingly, when we examine the futures market, it seems most of these buyers rushed there to take strategic positions. 

According to Coinalyze, Solana’s Aggregated Funding Rates remained positive throughout the past week.

At press time, the rate was 0.0137, with predicted Funding at 0.0163, signaling sustained demand for long positions.

The Long/Short Ratio also confirms this sentiment. Across all timeframes, over 79% of positions are long, with the 1-day ratio standing at 4.13.

This level of conviction from futures traders implies a strong belief in further upside.

Can SOL reclaim $200?

According to AMBCrypto’s analysis, the altcoin experienced a substantial price jump as buyers returned to the market to accumulate it.

SOL’s MA50 has just flipped the MA200 on the daily chart, forming a golden cross. This technical pattern is often interpreted as a strong bullish continuation signal.

SOL is now testing resistance at the 20 EMA ($172). A clean daily close above this level could open the path toward reclaiming $200.

However, rejection at this level may trigger a pullback to the 100 EMA or 50 EMA around $162.