SOL’s breakout hangs by a thread as whales pile in and volume spikes.Something big is brewing on the Solana network. The layer-1 blockchain, long hailed as an Ethereum rival, is now standing at a critical crossroads. After weeks of building strength, SOL has clawed its way to the $145 resistance level—and what happens next could define its short-term future.
With a monthly gain of over 40%, Solana is no longer flying under the radar. Whales are loading up, on-chain activity is booming, and traders are circling—but there’s one catch. Unless SOL can decisively close above $145, this rally could still unravel.
Bulls Are on the Attack, But the Barrier Is Brutal
SOL recently broke free from a descending channel that had capped its momentum for weeks. Now trading around $138, the coin is pressing up against a historically stubborn supply zone between $138 and $145—a level that has rejected bulls several times before.
This time, however, the narrative feels different. Price action is showing higher lows and rising volume, a classic signal of a potential reversal. But the market needs confirmation—a clean daily close above $145—to fully flip the script.
If that happens, analysts believe SOL could shoot toward $180, the next major resistance. But a failure here could invite a swift rejection, dragging the coin back toward its previous support levels.
Whales Are Betting Big—$80 Million and Counting
Behind the scenes, whales are making bold moves. Galaxy Digital recently withdrew 606,000 SOL worth nearly $80 million from exchanges and staked 462,000 SOL ($60M)—a strong signal of institutional confidence.
It’s not just about price speculation either. Solana’s fundamentals are heating up. The network just logged 29 million active addresses, a 17% spike, and over 374 million total transactions, beating every other chain in the game.
Even more striking: Solana’s DEX volume hit $2.27 billion, overtaking Ethereum. Transaction fees are also up 42%, indicating strong user demand and expanding utility across DeFi, NFTs, and beyond.
Traders Still Playing It Safe
Despite all this, the derivatives market is showing signs of hesitation. While Open Interest is up over 10%, and Options Volume surged nearly 165%, total volume actually dropped, and Options Open Interest declined 15%.
This tells us that while interest is growing, traders are being selective—likely waiting to see if this breakout truly sticks before going all in.
Meanwhile, a recent short squeeze wiped out $5.57 million in short positions, but Funding Rates remain neutral to slightly negative. Translation? There’s upward pressure—but not enough conviction for a full-blown bullish frenzy.
Conclusion: The Breakout Is Close, But Not Guaranteed
Solana is at a fork in the road. The technicals look good. The whales are showing confidence. The on-chain metrics are off the charts.
But none of that will matter if $145 continues to act as an unbreakable ceiling.
The next few sessions could be game-changing. If bulls manage to flip $145 into solid support, a fast move to $180 is firmly on the table. Until then, Solana remains in limbo—loaded with potential, but still waiting for that spark to ignite the next leg up.
Source: Coinfomania / Digpu NewsTex