Solana (SOL) Price: Technical Analysis Points to $189 as Key Level Despite Recent Dips

TLDR

• Major cryptocurrency whales have offloaded over 226,000 SOL (worth $40 million) to exchanges
• SOL is trading at $174.59-$175.64, around 40% below its all-time high
• Blue Origin now accepts SOL for spaceflight bookings, and OSL HK has begun offering SOL retail trading
• Trading volume increased 10.61% to $28.16 billion, showing strong market interest
• Analysts identify $189 as a key resistance level that could trigger a rally toward new highs

Solana (SOL) is experiencing mixed signals as major cryptocurrency whales dump millions in tokens while technical analysts point to a potential breakout. The fifth-largest cryptocurrency by market cap is currently trading around $175, facing short-term selling pressure while showing signs of possible upward momentum.

Large SOL holders have been moving substantial amounts to exchanges in recent days. According to blockchain analytics firm Lookonchain, three whale wallets transferred over 226,000 SOL, valued at approximately $40 million, to various exchanges including Binance and Kraken.

One wallet identified as CMJiHu deposited nearly 97,000 SOL worth around $17.45 million. Another wallet, 5PjMxa, moved about 92,000 SOL valued at nearly $16 million to Kraken. A third wallet transferred over 37,000 SOL worth $6.73 million to Binance, realizing a profit of $1.63 million in the process.

This selling pattern extends beyond these three wallets. Galaxy Digital recently moved 224,000 SOL valued at $41.12 million to Binance and Coinbase. The firm had previously unstaked 250,000 SOL worth around $40.7 million before transferring it to exchanges.

The wave of sell-offs comes as SOL struggles to regain momentum toward its all-time high. The token remains approximately 40% below its record price while other cryptocurrencies like Ethereum have experienced strong rallies.

Whales seem to be selling $SOL.

CMJiHu deposited 96,996 $SOL($17.45M) to exchanges 9 hours ago.

5PjMxa deposited 91,890 $SOL($15.98M) to #Kraken 3 hours ago.

HiN7sS deposited 37,658 $SOL($6.73M) to #Binance 8 hours ago for a profit of $1.63M.https://t.co/SjYyx112xa… pic.twitter.com/6A22shhpe8

— Lookonchain (@lookonchain) August 12, 2025

Market Indicators Point to Possible Reversal

Despite the recent whale movements suggesting selling pressure, several market indicators hint at potential upside for SOL. Trading volume for Solana rose 10.61% to $28.16 billion, demonstrating strong market interest and activity.

Technical analysts have identified $189 as a critical resistance level for SOL. A breakout above this price point could trigger renewed buying pressure and potentially push the token toward new all-time highs.

The OI-weighted funding rate for Solana derivatives stands at 0.0069%, suggesting traders expect further upward movement despite a slight 2.89% drop in open interest to $9.56 billion.

In the short term, SOL is down 4.8% over the last 24 hours, trading at $174.59 with a market capitalization of $94.21 billion. However, the token has gained 3.34% over the past week, showing resilience despite the selling pressure.

Solana Price on CoinGecko

Adoption Milestones Balance Bearish Signals

While whale movements create selling pressure, Solana has secured several adoption milestones that could strengthen its long-term outlook. OSL HK, a regulated cryptocurrency exchange, announced it will become the first exchange in Hong Kong to offer Solana trading to retail investors.

Jeff Bezos’ space company Blue Origin has begun accepting SOL alongside Bitcoin, Ethereum, and stablecoins for spaceflight bookings. This move signals growing mainstream acceptance of Solana as a payment method for high-value purchases.

Alex Wilson, Head of Crypto at Shift4, noted: “Crypto is now a $4 trillion asset class, and the sky is the limit when it comes to its potential in the current payments ecosystem.”

The Solana ecosystem also reached a milestone with its meme token graduation rate surpassing 3%, reflecting increased activity within its network.

The REX Osprey Solana exchange-traded fund has shown limited investor enthusiasm, recording zero net flows for most of August’s trading sessions, with only one day of positive flow.

At press time, SOL trades at $175.64, down 5.49% over the past day. The token’s immediate future likely depends on whether it can break through the $189 resistance level, which could trigger a new bullish phase.

The contrast between whale sell-offs and positive adoption news creates an uncertain outlook for SOL. While large investors appear to be taking profits or repositioning, increasing mainstream adoption and strong market indicators suggest potential for future growth.