Solana’s SOL token briefly reclaimed the $90 level amid a broader crypto market recovery, with its total market cap rising 2.4% to $2.4 trillion. The asset’s 4.8% daily gain to $89 coincided with significant whale accumulation, including a new entity purchasing and staking 200,000 SOL worth $17.2 million, indicating long-term conviction despite persistent selling pressure.
The broader cryptocurrency market showed signs of recovery as its total capitalization rose 2.4% to $2.4 trillion. Riding this momentum, Solana [SOL] briefly crossed $90 for the first time in nearly two weeks, hitting a local high of $91.
At press time, SOL traded at $89, up 4.83% on the daily chart. It also flipped its short-term EMA20 Moving Average with a 2% weekly gain.
Whales have created a strong demand wall around the $84 and $86 price levels. Lookonchain reported that a newly created wallet withdrew 200,000 SOL, worth $17.17 million, and then staked it.
Typically, when whales buy during extended periods of poor performance and turn to staking, it signals conviction in the market. This activity suggests the whale saw the current price as an ideal entry point.
However, sellers have consistently jumped into the market to realize slight gains. Exchange data showed $647 million flowed into exchanges over the past three days.
At press time, Netflow had dropped to -$4 million, a significant reversal. This further showed the strength exhibited on 12-hour timeframes.
Over the last month, Solana recorded 175 million in buy volume and 174 million in sell volume. Net Volume was negative at about –113 million, showing that selling pressure outweighed buying.
Solana’s Relative Strength Index (RSI) climbed from 48 to 51, signaling a stronger buyer presence. With RSI holding just above 50, demand-side strength is rising, though still modest.
For sustained upside, buyers need to fully displace sellers and flip both the 20 and 50 EMAs. In doing so, they will be incentivized to target $100.
Failure to do so will see the short-term bounce fade. Sellers would then pull SOL back toward $84, breaching EMA20 at $86.
