Whale Activity and Market Sentiment

In the past 19 days, a whale transferred 135,000 SOL (approximately $15.72 million) to an exchange, drawing market attention.

However, the sentiment of retail traders and savvy institutional participants remains firmly bullish.

Overview of the Derivatives Market

Solana's derivatives market has shown significant growth, with trading volume increasing by 9.32% to $11.64 billion.

In addition, the trading volume of options surged by 69.25%, indicating an increase in speculative positions in the options market.

However, open interest (OI) has decreased by 4.85% to $5.6 billion, indicating that some leveraged positions may have been liquidated.

Financing Rate Analysis

As of the time of writing, Solana's financing rate is close to neutral at approximately -0.0006%, while Binance's financing rate is slightly positive at 0.006%.

This suggests that the current price of Solana is not under strong short selling pressure.

Additionally, the mild positivity of the financing rate suggests that buyers have not overextended.

This balance supports Solana in maintaining its momentum without immediately facing a wave of forced liquidations.

Technical Price Structure

The price structure of Solana shows significant strength after rebounding from the support level and breaking through the parabolic turning point indicator at $142.25.

As of the time of writing, Solana remains firmly above the support level of the parabolic turning point indicator.

In addition, the Relative Strength Index (RSI) is at 62.79, indicating good momentum but not yet in an overbought state.

Liquidation Heatmap Analysis

The liquidation heatmap shows that there is a dense cluster of liquidations near the $147 to $150 area where Solana is currently trading.

However, above $153, the liquidation resistance significantly weakens, suggesting that if the bulls break higher, the price will be easier to rise.

Summary

With the convergence of whale movements, bullish sentiment, and strong derivatives activity, Solana faces a decisive moment.

If the bulls can break through the resistance zone at $160, Solana may trigger a strong rebound driven by thin liquidity.

However, if it fails to break higher, it may force a retest of the lower support area around $142.