According to AMBCrypto analysis, the number of Solana whale wallets has fallen by 3.6% since May, representing a decrease of 200 whale wallets. This decline in whale interest contrasts with the big whale order metric that suggested potential accumulation, as the average size of executed spot trades has increased over the past six months. As reported by AMBCrypto, while hodlers may be increasing their holdings, the lack of conviction from whales remains a significant concern for the cryptocurrency's near-term outlook.
According to Onchain Lens reports, a wallet linked to Alameda Research moved 201K SOL worth $15.14 million to BitGo Custody. The on-chain monitor observed that the token transfers occurred through multiple transactions and were distributed to multiple custody addresses. Despite these significant transfers, the main wallet still holds a substantial position with 3.016 million SOL worth approximately $226.7 million. As reported by AMBCrypto, these transfers are part of the firm's occasional movements, with tokens often ending up in exchanges for creditor repayment purposes.
Despite the major transfer drawing market attention, Solana showed minimal reaction, trading at $75 at press time with a 2.14% daily drop that extended its 7.5% weekly decline. According to CoinGlass data, the price volatility triggered significant liquidations, with $10.89 million in long positions liquidated compared to $1.9 million in short positions. This imbalance suggests traders were overly bullish and anticipated another rebound, with the higher long liquidation volume indicating excessive optimism in the market.
The technical indicators point to continued bearish momentum, with Solana falling below its Momentum-Adjusted Moving Average (MaMa). To invalidate the bearish outlook, Solana needs a daily close above the MaMa at $78.62. As reported by AMBCrypto, if sellers continue to dominate, SOL risks a drop toward $70. The liquidation heatmap from the past month highlighted the $84-$86 area as a dense cluster of short liquidations, with the $70-$73 zone much closer to current price levels and likely the imminent price target. The sustained decline in momentum indicators, combined with increased exchange inflows and the recent transfer activity, suggests continued pressure on the cryptocurrency's price levels.
