- Solana climbed from $83 to $97 before stabilizing near $95 amid renewed bullish momentum.
- A crypto whale opened a $7.5 million leveraged SOL position, signaling growing confidence in further upside.
- Futures volume and technical indicators continue pointing toward a possible move toward $100.
Solana [SOL] is beginning to show signs of life again after spending weeks trapped under heavy market pressure. The altcoin climbed sharply from a local low near $83 before reaching $97, marking one of its strongest pushes seen this month. Although the rally cooled slightly afterward, SOL still managed to hold most of those gains. At the time of writing, the token traded around $95, up just over 1% on the day while extending its weekly climb to roughly 11%, which honestly has started shifting sentiment across the market.
Whales Return With Massive Leveraged Positions
That renewed strength is slowly pulling whales back into the picture too. For a while, major holders stayed unusually quiet during the broader market weakness, almost as if they were waiting for the right moment to jump back in. Now, however, activity inside the derivatives market is starting to heat up again. Data from CryptoQuant showed Futures Taker CVD staying positive throughout the week, a signal that buyers are regaining confidence and stepping back into leveraged positions.
One whale in particular caught traders’ attention after opening a massive 78,000 SOL long position using 3x leverage. According to Onchain Lens, the trade is worth around $7.5 million and carries a liquidation price near $36.05. Even though SOL retraced slightly after the move, leaving the trader down about $114K on paper, the position itself still reflects strong confidence in Solana’s upside potential. You don’t really place a bet that size during shaky conditions unless you expect prices to move much higher.
Futures Market Activity Explodes Higher
The whale isn’t alone either. Futures market participation across Solana has exploded lately, with trading volume jumping 111% to around $14.5 billion while Open Interest climbed toward $6.3 billion. Binance traders appear especially bullish right now, with Long/Short ratios averaging close to 1.5. Still, the broader market ratio remained below 1 at roughly 0.98, showing that many traders are technically still betting against the rally, which makes the current setup a little more interesting.
Technical Indicators Still Favor Buyers
SOL’s technical indicators are also leaning in favor of buyers, even if sellers continue trying to slow the move down. The Relative Strength Index, better known as RSI, climbed to 72 before easing back toward 68 at press time. Usually, readings that high suggest strong buying momentum remains active, especially when an asset continues defending higher support zones instead of collapsing immediately after a rally.
At the same time, Solana’s Chande Momentum Indicator pushed higher to 69, reinforcing the idea that bullish pressure is still dominating the short-term trend. Together, these indicators suggest buyers are controlling momentum for now, although the market still looks a bit tense underneath the surface. Bears haven’t disappeared completely, they’re just struggling to regain control.
Can Solana Break Above $100?
If the current momentum stays intact, SOL could make another run toward the key $100 resistance level fairly soon. Breaking above that area would likely strengthen bullish sentiment even more and potentially trigger another wave of buying pressure. However, for that outlook to remain valid, Solana needs to defend the $95 support zone. Losing that level could drag the token back below $90 again, wiping out part of the recent recovery.
