- Solana whale accumulation and DeFi momentum support a bullish breakout if $144 is breached.
- Negative SOL Funding Rate shows short bias, increasing the potential for a squeeze-driven rally.
Solana [SOL] has seen a subtle yet promising uptick in whale activity.
Wallets holding over 10,000 SOL rose by 1.53%, climbing from 4,943 to 5,019. At press time, SOL traded at $139.29, marking a modest 0.57% uptick.
Source: X
Naturally, this increase hinted at renewed confidence from large investors—right as SOL approached a technically sensitive zone.
Can this growing whale interest propel SOL beyond its consolidation zone and ignite a sustained breakout?
Is the cup and handle pattern preparing for liftoff?
Solana’s recent breakout above a descending trendline has formed the foundation of a textbook cup-and-handle pattern.
This bullish structure, currently nearing its neckline resistance at $144.40, points to a potential continuation of upward momentum if broken.
The handle is developing within a tight range, and price currently hovers near $139, keeping bulls within reach of a key breakout trigger.
A strong close above the neckline could validate this setup and expose higher levels like $179.48, while failure to breach may result in another consolidation phase around $135–$140.
Source: TradingView
Are traders underestimating Solana’s momentum?
While price action and whale behavior appear constructive, derivatives data tell a different story.
The OI-Weighted Funding Rate dropped to -0.0116% on the 20th of April, indicating that short traders are gaining dominance across perpetual futures markets.
Of course, such negative funding often stems from disbelief in the rally or attempts to fade recent gains. But when paired with strong spot accumulation, this imbalance can set the stage for a short squeeze.
Source: CoinGlass
Do inflows hint at a spot-driven breakout?
On top of that, spot flows appeared constructive.
Liquidity flows have remained supportive, with spot inflows totaling $96.27M, slightly exceeding $88.36M in outflows on the 20th of April.
Although the net difference appears modest, consistent inflows reflect persistent accumulation by market participants.
This flow, when aligned with whale wallet growth and structural chart setups, adds further weight to the bullish thesis.
Unlike derivatives markets, where sentiment remains cautious, spot participants appear to be positioning for long-term strength.
Source: Coinglass
Can DeFi growth reinforce SOL’s breakout potential?
Moreover, Solana’s DeFi activity backed the bullish case. The network’s Total Value Locked (TVL) rose by 3.11% in just 24 hours, pushing above $9.018 billion.
This spike in protocol activity indicates that Solana is regaining market relevance, particularly among liquidity providers and decentralized app users.
As capital rotates into blockchain ecosystems, demonstrating real usage, Solana’s strong DeFi rebound supports the broader bullish case.
Source: DefiLlama
Will whales and DeFi momentum carry SOL higher?
Put together—rising whale holdings, solid spot inflows, and revived DeFi activity—Solana’s structure appeared increasingly favorable.
While Funding Rates still flagged hesitation, they may serve as the perfect contrarian indicator.
A clean breakout could flip short pressure into momentum, propelling price toward $179.48. However, bulls must first confirm control by reclaiming resistance and sustaining volume.
