Emma Nelson 
Solana Price Rebounds as Whales Accumulate – Can It Reach $180? Solana (SOL) recently suffered a sharp decline, dropping to a multi-month low of $126.15, marking a 57% loss from its yearly peak. However, a major whale accumulation has fueled a recovery, pushing SOL back to $145 as investor confidence slowly returns.
Solana Price Stabilizes After Sharp Decline
Solana’s price saw a steep drop from its yearly high of $295 to $126.15, its lowest point since September 6. The plunge also led to a decisive breakdown below the $170 support level, a key marker for bullish momentum.
Amidst the downturn, a major Solana whale made a bold move, purchasing $14 million worth of SOL, withdrawing it from Binance, and staking the tokens. This significant accumulation came ahead of a $1.75 billion token unlock, an event that typically leads to selling pressure. The whale’s purchase helped absorb some of the market’s bearish momentum, contributing to SOL’s partial price recovery.
Despite this rebound, Solana remains below critical resistance levels. If bullish momentum continues, traders are setting their sights on $170 as the next short-term resistance. A breakout beyond this level could pave the way for a move toward the $180 mark.
Solana Futures on CME Group Could Boost Institutional Interest
In a major development, CME Group recently announced plans to introduce Solana (SOL) futures on March 17, pending regulatory approval. This move would place Solana alongside Bitcoin and Ethereum as one of the few cryptocurrencies available for institutional futures trading.
Market analysts believe this development could lay the groundwork for a future Solana ETF, potentially driving higher liquidity and institutional adoption. If approved, this could be a major catalyst for SOL price appreciation in the coming months.
Solana’s Total Value Locked (TVL) Drops Nearly 50%
Despite signs of price stabilization, Solana’s Total Value Locked (TVL) has declined significantly, reflecting lower investor confidence in its DeFi ecosystem. After peaking at $12.19 billion, Solana’s TVL has now dropped to $6.94 billion, marking a nearly 50% reduction in locked capital.
One of the primary reasons for this decline has been the sharp crash in Solana-based meme coins. The market capitalization of Solana meme coins has plummeted from $25 billion in January to just $8.9 billion, causing significant liquidity outflows from the network.
However, some Solana-based meme coins have begun recovering, leading analysts to believe that DeFi activity on the Solana network will play a crucial role in shaping future price action.
Key Resistance Levels to Watch
Solana’s price is now approaching a critical resistance zone between $147.09 and $166.42. This range represents a fair value gap in the market, and breaking above it could signal a stronger recovery toward $180.
Supporting this bullish outlook, technical indicators suggest growing momentum in favor of buyers:
- Parabolic SAR Indicator: The dots have shifted below the recent candles, signaling a potential trend reversal. As long as these dots remain under the price, the bullish uptrend may persist.
- MACD (Moving Average Convergence Divergence): The MACD line has crossed above the signal line, a classic bullish crossover indicating increasing buying momentum.
- MACD Histogram Expansion: The histogram bars have turned positive and are expanding, further confirming buying pressure.
Solana Shows Signs of Reversal After Oversold Conditions
Following a 40% price crash, Solana entered extremely oversold territory, as indicated by its Relative Strength Index (RSI). Historically, such deep RSI drops have often preceded strong price reversals, suggesting that Solana may have bottomed out and could now be gearing up for an upward move.
If bullish momentum sustains, SOL could challenge key resistance levels and break toward $180, solidifying its recovery in the crypto market.
