- Following the profit on JitoSOL staking, Solana Whale deposited $2m worth of SOL into Binance.
- Binance shows two million SOL worth over $351 million withdrawn and no liquidation moved to staking wallets.
- Solana trades above $165, with the technical support suggesting the crypto might breakout towards $215.
A major Solana (SOL) whale moves 11,445 SOL, worth $2.01 million worth, from liquid staking after a year of holding to deposit on Binance. The initial position was 30000 SOL, turn into JitoSOL last year.
The reported profit on the move is $2.94 million. Another indication that the whale is committed to the staking model is that it still holds 18,290 JitoSOL valued at $3.87 million. On May 27, two massive transactions, totaling 2 million SOL, more than $351 million, were withdrawn out of Binance cold wallets, as well. Whale Alert added that the assets were moved to two newly created Solana stake accounts.
A total of 1 million SOLs were added with minimal transaction fees to each wallet. According to on-chain data, these new addresses are showing no signs of outflows, which indicates that the assets are being staked, not in preparation for a sale.
Bullish sentiment in derivatives markets coincides with these blockchain movements. On Binance Futures, 68% of trader positions are long, suggesting that traders are still positive despite transfers being carried out without any immediate price volatility.
Technical Patterns Point to $215 Breakout Potential
Currently, Solana’s price remains steady above $165 after an 18% increase in May. Technical indicators continue to point to an uptrend, however, even as the pair moves sideways. Price is battling resistance at $180, the 61.80% Fibonacci retracement level of which is at $184.52. If bulls can break through the $180–$184 range, then the next upside target comes in around $215 and ultimately $261 long-term.
There remain strong support levels, with 200-day EMA at $163 and the 50% Fibonacci level at $165. This also indicates bullish momentum with a crossover from the 50-day to 100-day EMAs. However, without a full bullish reversal confirmed by the MACD, there’s a risk of a reversal in the event that momentum goes down.
Lark Davis, a crypto analyst, has pointed out a daily chart forming a bullish pennant. According to the pattern, a rally that started in early May might take the logic to $200 if the breakout is confirmed. Additional near-term support is also provided by the 20-day EMA at $169.
Ecosystem Strength Reinforces Investor Confidence
The sentiment around Solana has been building on the back of growing adoption in the DeFi and memecoins space. The total value locked (TVL) increased by 54% from early April and surged to $9.44 billion. Therefore, Solana now sits in the number two spot of layer-1 chains, after Ethereum. Jupiter DEX, Jito staking, and Kamino Lending also saw gains, while the undoubted leader regarding TVL growth was Raydium, up by 52%.
At the same time, memecoin activity on Solana has exploded, increasing 65% to a $13.4 billion market cap. The number of daily trading volumes in the sector has nearly doubled, showcasing increased user participation and speculative interest.
