Solana Whale Builds $28.8M Position Amid Bearish Sentiment

A significant whale investor has been accumulating Solana (SOL) tokens over the past three weeks, according to data from Hyperliquid. The entity known as HURDw has acquired 285503 SOL worth approximately $28.82 million at the current market price of $102.58.

The accumulation is taking place within the Solana token's Bollinger band, with upper resistance at $106.93 and lower support at $101.54. The 50-Exponential Moving Average (EMA) is acting as immediate resistance above the 200-EMA at $92.8.

Technical indicators such as Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are painting a bearish picture, suggesting that prices may retrace towards the 50-EMA before any potential extension higher.

The accumulation of SOL by HURDw is being closely watched by institutional desks, which are also considering the impact of Bitcoin flows and potential crypto market crash spillovers on Solana's price prediction.