Solana's (SOL) price has dropped sharply, falling about 11% in a week after failing to breach the $220 resistance. This decline pushed SOL under $200, intensifying bearish sentiment in the market. Despite the downturn, whale accumulation indicates potential for a rebound.
Whale activity has been notable, with addresses holding at least 10,000 SOL declining from 5,096 to 5,025, signaling major sell-offs. These movements can significantly impact the market, but a recent recovery in whale numbers suggests renewed accumulation.
The Solana DMI indicates a strengthening downward trend, supporting ongoing bearish momentum. The ADX has increased, showing sellers are in control, while the directional indicator shows rising selling pressure.
The negative trend continues with EMA lines pointing to further declines. If SOL can't hold the $185 support, it might hit $176. Whale accumulation offers a sliver of hope, possibly stabilizing SOL's price.
If bullish momentum returns, SOL could aim for a $211 recovery, reflecting a possible comeback if resistance at $197 is broken.