A substantial transfer of Solana (SOL) worth over $95 million to Coinbase recently raised alarms about potential selling pressure and short-term volatility. However, despite this typical bearish signal, Solana has demonstrated remarkable resilience, prompting investors to assess whether its underlying technical and fundamental strengths can counteract these immediate concerns.
Cooling Bearish Momentum and Technical Stability
Despite the significant whale movement, Solana continues to navigate within a broad ascending channel, maintaining its structural support. Technical indicators are providing encouraging signs of cooling bearish momentum. The DMI, while still showing sellers holding an edge, is softening alongside a weakening ADX, indicating a reduction in bearish dominance. Furthermore, the Parabolic SAR is nearing a flip beneath the price candles, suggesting an easing of downward pressure and a potential shift in momentum.
Robust Fundamentals Counter Whale Risks
Beyond technical signals, Solana’s on-chain and spot market data paint a picture of enduring strength. Spot Taker Buy Dominance, reflected in the 90-day Cumulative Volume Delta (CVD), highlights consistent buying activity that is effectively absorbing sell orders and mitigating the risk of sharp price declines. Concurrently, Solana’s fundamental health is improving, with Network Growth rebounding to approximately 1 million Daily New Addresses and Social Dominance climbing to 5.5%. These metrics underscore growing adoption and strong community sentiment, collectively reinforcing Solana’s long-term outlook against short-term whale-driven volatility.
