Solana slips below $130, but onchain data points to a recovery case

💡 DMK Insight

SOL’s current price drop to $126.96 might seem alarming, but here’s the kicker: whale accumulation is on the rise. While the price is retreating, the fact that whales are buying more indicates a belief in SOL’s long-term value. Coupled with decreasing supply on exchanges, this could set the stage for a rebound. Traders should keep an eye on on-chain metrics, which are showing signs of strength. If SOL can hold above the $120 support level, it may attract more retail interest, potentially leading to a short squeeze. But don’t overlook the risk—if SOL breaks below $120, it could trigger further selling pressure. Watch for volume spikes as a signal of renewed interest or caution. The next few days will be crucial for determining whether this accumulation translates into upward momentum or if the bears take control.