SOL Holds $70 as Whales Go on a Buying Spree, $80 in Sight 🐳

Solana [SOL] traded at $72 after gaining 2.6% over the past 24 hours, recovering from a low of $69 and reaching a local high of $73 before a minor pullback. Trading volume climbed 39% over the same period, signaling heightened market participation.

Technical indicators pointed to sustained bullish momentum. SOL held above its 9-day and 21-day Moving Averages, reinforcing a bullish market structure. The Stochastic Momentum Index (SMI) formed a bullish crossover two days ago and has since risen to 27, just below the 30 threshold. A move above 30 on the SMI would confirm the trend's strength.

On-chain data indicated renewed whale demand driving the rally. CryptoQuant's Spot Average Order Size data showed large whale orders concentrated around the $70 and $71 price levels. CoinGlass data showed that Solana's Spot Netflow has remained negative over the past three days, with outflows recorded six times in the last week. At press time, Spot Netflows stood at -$112k, improving from -$1.7 million the previous day. A negative Spot Netflow suggested whales were primarily accumulating SOL.

If whale accumulation continues absorbing selling pressure, SOL could reclaim $75 and target the $80 resistance over the short to medium term. Conversely, if whale demand weakens, Solana could fall below $70 again, with $62 serving as the next key support.