Solana [SOL] was trading near $120 following a slight decline over the past 24 hours. While retail traders appear to be selling at current levels, large holders and institutional investors have continued accumulating the token.
Whale and Institutional Buying Activity
A major trader with a 78% win rate on Solana opened a leveraged long position worth $19.78 million, purchasing 164,642 SOL tokens. The trader achieved a 100% win rate on two closed trades during the past week, generating $4.74 million in profits.
Institutional buying has also been notable. DeFi Dev Corp. increased its Solana holdings to 2.564 million SOL by purchasing 26,203 tokens worth approximately $3.15 million since September 28. This represents an 11% increase in the company's holdings over seven weeks.
Combined, the whale and institutional activity accounts for roughly $23 million in SOL accumulation.
Chart Analysis and Breakout Potential
On the technical side, Solana is consolidating in a triangle pattern after rallying from $96 to $125 over two weeks. The pattern is approaching its apex, suggesting an imminent breakout or breakdown.
If bulls break above the triangle, the next resistance target sits at $150. A bearish breakdown would target $95, a level last seen in early June. Solana has maintained a bullish market structure in both short and long-term timeframes since forming a bottom near $60 in June, with the token roughly doubling in value over four months.
Market sentiment data shows sellers remain in control, with approximately 22,390 SOL sold on the SOL/USDT pair on Binance at the time of reporting.
