- A Solana whale is unstaked and moved 50,017 SOL worth $7.52 million to Binance on June 8.
- Since April, the whale withdrew 175,062 SOL valued at $25.16 million but still holds 1,126,767 SOL.
- SOL trades near $149 with resistance at $176.99; breakout could trigger strong bullish momentum.
Major on-chain activity has put Solana under the spotlight again after a whale unstaked and transferred massive amounts of tokens to Binance. Data from Onchain Lens reveals that 50,017 SOL worth $7.52 million was unstaked on June 8, and a matching transfer was sent to Binance shortly after.
A day earlier, the same wallet transferred 25,008 SOL worth $3.7 million, followed by another 50,000 SOL move. Since April, the whale has withdrawn an impressive 175,062 SOL, valued at $25.16 million. These tokens had been staked for over four years, suggesting a strategic portfolio reallocation. Despite the regular outflows, the whale retains a hefty 1,126,767 SOL currently worth $168.44 million in staking.
Technical Outlook: Breakout or Breakdown Looms
On the weekly chart, SOL trades near $149, lodged between resistance at $176.99 and support at $140.87. This range is considered neutral but offers breakout potential. A move above resistance may confirm bullish strength, while a fall under $140 would invalidate the existing uptrend pattern.
Solana saw renewed momentum recently, gaining 1.26% in 24 hours to trade at $152.03. This lift brought its market capitalization to $79.79 billion, aligning with its daily percentage increase. Such performance reinforces Solana’s growing appeal across both retail and institutional sectors.
Trading volume increased by 7.90% to $2.01 billion, indicating that the investors’ interest in the market is growing. When the volume goes up, the prices often go up too, which means that there might be a chance of the prices going up further. The investor community is still careful, but it looks brighter after these changes.
Solana Resistance Break Could Confirm Recovery
Elliott Wave analysis suggests that Solana may have completed a lengthy Wave 4 correction. The market now appears to be in an early phase of a final wave 5 bullish cycle. If accurate, SOL could retest or even exceed its previous all-time high through strong upward impulses.
Current wave patterns on the daily chart place SOL in wave 2 of wave 5. A rebound from the $140–$150 range could ignite wave 3, typically the most aggressive phase in this model. Neutral RSI readings further support the idea of an upcoming upward breakout.
Despite the challenges raised by the macroeconomic environment and the movement of whales, there are still some reasons to believe in the continued bullish trend of the market from a technical perspective. If the resistance levels are broken decisively in the next few sessions, a recovery scenario will be confirmed and Solana’s short-term direction will be strengthened.
Read More: Solana’s V-Shaped Recovery: Can It Break $152 for a Bullish Surge?