Solana Whales May Be Moving Ahead of Possible Price Drop
Thousands of dormant wallets have returned to Solana decentralized exchanges (DEXs) after over a year, sparking interest in the market. According to Solana Daily, more than 62,000 wallets that had not been active for at least 12 months became active again last week, with this number being four times higher than the previous week.
The sudden return of these wallets has led some traders to speculate about their intentions, as large holders often move their assets before significant market movements. However, it's essential to note that there is no concrete evidence to suggest they are preparing to sell.
In addition to the wallet activity, Solana DEXs have recorded higher spot trading volume than several major exchanges, including Bybit, Coinbase, and Kraken, for four consecutive weeks. This strong trading activity has contributed to the market's interest in Solana, despite its price remaining below key resistance levels.
The current SOL price is still within a downtrend, according to chart data shared by MCO Global. The analyst suggests that the recent recovery may not be enough to confirm a change in direction, and the price could move higher if it breaks through the $98.50 resistance level or lower if it falls below $64.30.