Key Notes
- A major whale deposited $2M in SOL to Binance after booking $2.94M in profit, but still holds $3.87M in JitoSOL.
- Rising wedge structure and weak momentum indicators suggest a potential drop toward the $157 or even $120 support levels.
- SOL is the only top-10 crypto (excluding stablecoins) with a negative funding rate, hinting at growing short-side pressure.
Solana SOL $150.7 24h volatility: 2.6% Market cap: $78.04 B Vol. 24h: $3.80 B is once again caught in a turbulent mix of on-chain shifts, subtle short-side pressure, and conflicting technical indicators. Meanwhile, a major whale recently unstaked and deposited 11,445 SOL worth approximately $2.01 million into Binance after a year of liquid staking.
According to Onchain Lens, the whale’s move resulted in a tidy profit of $2.94 million. A year earlier, the whale had withdrawn 30,000 SOL valued at $2.95 million and converted the entire sum into JitoSOL— a liquid staking derivative token.
A whale unstaked and deposited 11,445 $SOL worth $2.01M into #Binance after a year of Liquid Staking, resulting in a profit of $2.94M.
The whale withdrew 30,000 $SOL ($2.95M) a year ago and converted it into $JitoSOL. The whale still holds 18,290 $JitoSOL, valued at $3.87M.… pic.twitter.com/LvdORL3ETu
— Onchain Lens (@OnchainLens) May 27, 2025
Despite the recent partial exit, the whale still retains 18,290 JitoSOL, currently valued at around $3.87 million. It is clear that while part of the position was liquidated to realize gains, the investor continues to show long-term confidence in Solana’s staking ecosystem.
Glassnode Adds Another Layer
Glassnode data revealed that Solana is the only top 10 non-stablecoin asset with a negative funding rate, sitting at -0.0002%. While this figure is minuscule, it is significant in what it represents — a subtle but emerging lean toward bearishness in the derivatives market.
$SOL is the only top 10 asset (excl. stablecoins) with a negative funding rate. At -0.0002%, it’s small – but may signal early short-side pressure building.
Check the asset list regularly to spot emerging outliers across on-chain and off-chain data: https://t.co/xqigM0dgzP pic.twitter.com/9j8xGolzH5
— glassnode (@glassnode) May 27, 2025
A negative funding rate indicates that traders with short positions are paying those with long positions, implying that more traders are betting on a price decline. The development doesn’t necessarily spell immediate doom, but it could signal early short-side pressure gaining traction.
In many cases, such shifts in sentiment precede a larger move, whether that’s a breakdown if momentum grows or a short squeeze if bears are caught offside.
Technical Outlook: Momentum Wanes Near Key Levels
As per the weekly chart below, the SOL price action is currently hovering just below the 0.382 Fibonacci retracement level at $185.29, having recently bounced from the 0.236 Fib at $157.18.
These levels are derived from the major upward move between $60 and $304, and they serve as key zones for both support and resistance. A sustained move above $185 could open the path toward the $208 and $230 regions — both significant resistance levels.
SOL Weekly Chart with RSI, MACD | Source: TradingView
The MACD on the weekly timeframe has confirmed a bullish crossover , indicating that the buyers are in control right now. RSI sits in neutral territory at 53, which technically gives room for a move in either direction, but it lacks the strength typically seen in strong upward trends.
Adding to the concern is the rising wedge structure seen on the chart. This pattern often breaks to the downside.
If the price fails to hold above $170–$175, it risks revisiting the $157 support zone, and a breach below that could trigger a deeper correction toward $120, the next major horizontal support.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
