Key Takeaways
Whales withdrew 376,076 SOL worth $80.7 million, signaling strong accumulation and reduced selling pressure. Besides, rising Open Interest above $14.5 billion adds momentum, supporting Solana’s path toward the $260 target.
Solana [SOL] whales have demonstrated strong accumulation by withdrawing 376,076 SOL, worth around $80.7 million, from Binance and transferring it into Kamino.
Such large-scale withdrawals often indicate growing investor confidence as tokens exit exchange reserves, reducing immediate selling pressure.
At press time, SOL traded at $218, reflecting continued strength after testing key resistance. Therefore, whale-led movements suggest a tightening supply that could ignite further upward momentum.
This pattern has historically signaled accumulation phases that often precede significant price expansions.
Solana price breaks key resistance and eyes the $260 target
Solana has broken above the $206 resistance, a key level that previously acted as a ceiling, and now shows signs of converting it into solid support.
This move also places SOL on the verge of breaking out of a rising wedge, which could extend the current rally.
The next major barrier sits at $228, and surpassing it would likely accelerate momentum toward $245. A successful breakout would then bring the $260 level into sharp focus as the ultimate target.
However, if $206 fails to hold, downside risk could open toward $192 before buyers attempt a recovery.
Source: TradingView
Whale-driven outflows overpower netflow volatility
Exchange data confirms Solana recorded a $17.5 million net outflow on the 9th of September, strengthening the bullish outlook despite short-term volatility.
These outflows align with the broader whale activity, highlighting conviction in holding assets away from centralized exchanges.
While occasional inflows can create price dips, the overall structure shows withdrawals dominating supply trends. Historically, consistent outflows reduce sell-side liquidity and often spark bullish rallies.
Therefore, the persistence of such activity suggests that buying conviction currently outweighs market uncertainty. The dynamic highlights how whale behavior often dictates directional bias in crypto markets.
Rising Open Interest highlights growing trader speculation
Open Interest (OI) has surged +11.32% to $14.51 billion, at press time, reflecting a rapid build-up of leveraged positions in Solana’s futures market.
This growth signals heightened trader confidence and speculation around potential upside moves.
However, while increasing OI often strengthens bullish momentum, it can also amplify volatility if sentiment shifts. Therefore, traders should remain cautious of sudden liquidations during pullbacks.
Yet, when aligned with whale accumulation and exchange outflows, rising OI reinforces the bullish setup that could help Solana sustain its climb toward the $260 target.
Is $260 within reach for Solana?
The alignment of whale-led exchange outflows, a confirmed breakout above resistance, and surging OI decisively point toward a bullish continuation.
Therefore, Solana is well-positioned to challenge the $260 level, with accumulation trends and technical signals providing strong confirmation.
