Solana briefly touched $211 before falling back to $209, driven by whale demand for futures. Open interest reached $12.9 billion, with profit-taking indicating recent risks.

Solana [SOL] Bitcoin price briefly surged to a seven-month high of $211, falling back to $209 at the time of writing. This bullish expectation has continued on both the monthly and weekly charts, rising by 16.9% and 8.18%, respectively.

In this ongoing upward trend, large entities, especially whales, are making significant moves.

Solana whales moved 20,000 SOL.

According to on-chain insights, a whale withdrew $4.09 million worth of 20,000 SOL from Kraken and deposited it in Kamino to borrow $3 million in USDC.

After completing these transactions, whales moved funds to OKX, indicating leverage in DeFi. In fact, this move suggests that whales are positioning themselves for the next market round, focusing on directional bets.

Whales are entering the futures market.

As whale activity intensifies, they seem to be turning their focus towards the futures market.

CryptoQuant's average order size for futures shows that whale order volume has increased significantly for four consecutive days. When this metric highlights whale activity, it means the whales dominate the trading volume.

Interestingly, when we examine the derivatives market, most participants are optimistic. According to CoinGlass, open interest in futures rose by 5.14%, reaching a record high of $12.9 billion.

The surge in open interest reflects stable capital inflows and increased participation in the futures market. Meanwhile, the long-to-short ratio of this altcoin jumped to 1.02, with long positions accounting for 50.6% of total contracts.

With the bulls in control, this means that whales entering the futures market are primarily betting that Solana's price will continue to rise.

Profit-takers pose a threat to Solana.

Unsurprisingly, as Solana's price continues to rise, the interest of holders and investors in cashing out has also increased.

CoinGlass's spot netflow data turned positive, surging to a three-month high of $76 million.

Such a surge indicates that foreign exchange deposits are greater than withdrawals, which is a sign of large-scale sell-offs. However, sustained capital inflows often bring downward pressure, signaling a potential pullback.

Can futures demand sustain the upward trend?

According to analysis by AMBCrypto, as demand from whales for futures positions surged, Solana continued to rise.

As a result, the directional movement index (DMI) of this altcoin showed a bullish crossover at 29. Meanwhile, its relative vigor index (RVGI) also displayed a bullish crossover at 0.056.

Typically, when these momentum indicators show bullish crossovers, it signals a strong upward trend that could potentially continue.

That said, if buyers, especially the whales, continue to accumulate strategic positions, Solana will face the next significant resistance at $223.

Conversely, if momentum weakens, whales withdraw funds, and profit-taking remains strong, a pullback may occur. In this case, Solana (SOL) could drop to $186.