Solana: Can 17K SOL Whale Action Help It Break $153 Resistance?

Solana [SOL] has attracted attention for its recent whale activity, with more than 17,481 SOL transferred to Kraken after two years of staking.

At press time, SOL is trading at $148.52, down 1.74% over the past 24 hours. The price drop is due to rising speculation and social attention, partly due to the whales’ actions.

The market’s reaction to this activity could provide insights into Solana’s next major price move, which is being closely watched by both retail and institutional investors.

Sentiment Surges: Are Retail and Smart Money Aligned?

Sentiment on Solana has been volatile recently, with a weighted sentiment reading of -0.47 on April 26, 2025. Despite this, crowd sentiment remains strong at 1.81, indicating continued optimism among retail investors.

Meanwhile, the smart money sentiment index is 0.88, indicating more caution among institutional investors. This difference in sentiment highlights the starkly different perspectives of retail and institutional investors.

Retail investors are optimistic about Solana’s future, while institutional investors are more cautious due to the recent price drop. The intertwining of these sentiments may lead to short-term volatility, but the long-term outlook remains positive.

Solid Foundations: SOL’s Development Activity Remains Solid

Solana’s development activity remains strong, with a reading of 25.81 as of April 27, 2025. This stable level of development activity indicates that Solana’s network is well-positioned for long-term growth.

Despite price volatility, solid development progress is a fundamental driver of network adoption, making blockchains more scalable and efficient.

Strong development activity helps boost investor confidence and shows that the team is actively working on improvements.

Social Buzz: Solana Dominates Crypto Topic

Solana’s social volume has surged significantly, reaching 216 as of this writing, with a social dominance of 8.3%. The increase in social media activity indicates that Solana is attracting attention from the broader crypto community.

Social volume refers to the number of times Solana is mentioned on social platforms, while social dominance measures its popularity relative to other cryptocurrencies.

Increased social activity could indicate growing interest from retail investors and could influence short-term price action.

Technical Price Structure: SOL Approaching Key Resistance at $153.65

At the time of writing, the coin is approaching a key resistance level of $153.65. Solana is forming a cup-with-handle pattern, which often signals a potential breakout.

The MACD indicator is showing a bullish divergence, with the MACD line above the signal line, further supporting the possibility of a breakout. If SOL manages to break above this resistance, the next target could be $180.

However, if Solana is blocked at this level, it could face a period of consolidation or a pullback. Traders are keeping a close eye on this resistance level as a breakout above it could signal a strong bullish trend for Solana.

Solana’s market continues to be influenced by whale activity, fluctuating sentiment, and ongoing developments. With social volumes rising and technical indicators pointing towards a breakout, Solana is ready to test the key resistance level of $153.65.

If SOL breaks above this key resistance level, a significant up move could occur, targeting higher price levels.