Whales Go Long on Solana Despite the 40% Price Crash — What Are They Seeing?
Despite a 40% price crash, whales are opening long positions on Solana based on early bullish divergence signals.Summary
Solana's price has dropped nearly 40% recently, leading most traders to bet on further downside, evidenced by deeply negative funding rates in the derivatives market. However, some whales are aggressively opening long positions, suggesting they see underlying strength. This optimism is supported by technical indicators showing a bullish divergence between the falling price and rising Relative Strength Index (RSI), provided the price holds above $77 and RSI remains above 30. Furthermore, long-term holders are significantly accumulating SOL, and the Chaikin Money Flow (CMF) indicator shows money quietly flowing in. Institutional activity, proxied by the Volume Weighted Average Price (VWAP) reclaim, also hints at potential accumulation. The immediate risk lies with short-term holders, who have increased their supply share, posing resistance. Solana is at a critical juncture: holding key levels suggests a rally toward $91, but a break below $77 could lead to a further drop toward $68 or $54.
(Source：BeInCrypto)