Major Cryptocurrency Holders Sell $17.7 Million Worth of Solana - Is the Cryptocurrency's Recent $183 Recovery Jeopardized?
In the world of cryptocurrency, Solana [SOL] has been making waves, and its August 2025 market outlook is shaping up to be an interesting one.
Recent data suggests a correction in Solana's price, with a 12.38% drop over the past week, pushing the digital asset into a descending channel. This sharp correction has been accompanied by strengthening downward momentum, as indicated by the Relative Strength Index (RSI) of Solana, which has declined to 41, dipping into oversold territory. Moreover, the Long/Short Ratio stands at just 0.9231, signalling that most traders are positioning for further downside.
However, there are signs of optimism. Whales, significant players in the market, have returned to the Solana market after a month-long absence. Notably, a whale trader recently opened a large long position of about 238,909 SOL (~$42.3 million), after a recent 12% pullback. This move is seen as a bullish signal, with the potential to push SOL back toward or above $190 if retail buying aligns. The whale's strong recent track record (85.71% win rate in the last 14 trades) adds credence to the bullish sentiment.
Retail investors have also been accumulating Solana for seven consecutive days, according to CoinGlass's data. This retail interest, coupled with whale accumulation, targets a price range roughly between $180 and $220 for Solana in August 2025, contingent on overcoming resistance near $185 and broader market stability.
The bullish scenario is further supported by Solana’s decentralized exchange (DEX) volume, which remains strong at around $30 billion weekly. Ongoing DeFi activity, combined with potential ETF approval rumors, are cited as drivers for a bullish scenario reaching $210–$220 or even higher.
However, there are risks to this optimistic outlook. Declining user activity and drops in daily active addresses and DeFi total value locked (TVL) pose risks to Solana's momentum, with a fallback to $144 or $120 not impossible if support levels fail.
Moreover, whale activity can also signal a lack of conviction in the market. For instance, a whale deposited 108,016 SOL worth $17.74 million into OKX and Binance, which historically indicates preparation to sell or outright selling. When whales turn to aggressive selling, it could precede lower prices.
At press time, the price of Solana [SOL] is near $162, reflecting a 3.95% daily dip. The Solana market is closely watched, with momentum indicators flashing bearish cues and the derivatives volume having jumped 4.62% to $26.72 billion, suggesting renewed trading interest, but not for bullish bets.
In conclusion, while the August 2025 outlook for Solana is cautiously bullish, with strong support near $160–$165 and resistance around $185–$200, the market remains volatile. Investors are advised to carefully consider their investment strategies and stay informed about the latest developments.
Sources: Binance price prediction and key levels[1]; BeInCrypto on whale accumulation and retail buying[2]; Coinpedia on on-chain metrics and support/resistance[3]; Cryptomus price range context[5]; CryptoQuant's Spot Average Order Size[4]; CoinGlass's data[6].
- Despite recent price corrections and strengthening downward momentum of Solana, the bullish outlook for August 2025 is sustained by whale accumulation and strong retail interest, indicating a potential price range between $180 and $220.
- The decentralized exchange (DEX) volume of Solana remains robust at around $30 billion weekly, and ongoing DeFi activity, along with potential ETF approval rumors, could drive the price towards $210–$220 or even higher.
- However, investors should be cautious as declining user activity and drops in daily active addresses and DeFi total value locked (TVL) pose risks to Solana's growth momentum, with a fallback to $144 or $120 possible if support levels fail, and whale activity can signal a lack of conviction in the market, potentially leading to lower prices.
