- Solana price continues to trade above $100 even as whales are buying longs, while futures buyers are shorting it!
- The price of Solana is still holding up above crucial moving averages despite falling derivatives trading activity.
- Solana price faces resistance near $110 as ETF inflows continue despite weaker futures demand today.
Solana price is holding above $100 after a rally that lifted SOL from below $84 to more than $110, while derivatives data show a different positioning trend among futures traders. SOL trades near $103.44 after gaining 0.89% over the week.
Five whale addresses on Hyperliquid opened a combined $9.11 million in long positions between September 7 and September 8. At the same time, funding rates have turned negative, the long/short ratio stands at 0.92, and derivatives volume has fallen 16% to $6.53 billion.
Solana Price Consolidates Below $110
The SOL/USD daily chart shows a strong bullish expansion followed by consolidation near recent highs. SOL reached above $110 during the rally before retreating toward $103. SOL remains above the 20-day Simple Moving Average at $100.76, identified as immediate support.
The Bollinger Bands show an upper band at $110.77, placing the level near recent resistance. Price previously moved above the upper band near $78 during the breakout and then advanced toward the $110 region.
Momentum has also moderated from its earlier peak. The 14-period Relative Strength Index reached above 70 during the sharp advance before cooling to 61.97. The reading shows momentum has moved away from overbought conditions.
Technical Indicators Keep SOL Above Key Averages
The daily exponential moving averages show SOL trading above four monitored levels. The 20-day EMA is at $98.82, while the 50-day EMA stands at $89.99. The 100-day EMA is positioned at $85.75, and the 200-day EMA is at $91.21.
The current price remains above all four averages. The 20-day EMA also coincides with the nearby support area identified after SOL’s pullback from the $108-$110 region.
Source: Trading View
Fibonacci levels provide additional reference points for the current consolidation. The 0.236 retracement level is at $105.96, while the 0.382 level is at $111.30 and the 0.5 level is at $115.61. SOL is currently below $105.96 and the $108-$110 resistance region.
Whales Open $9.11 Million in SOL Longs
CoinGlass data shows that five whale addresses on Hyperliquid opened $9.11 million in SOL long positions between September 7 and September 8. The positions were established as SOL traded following the uptrend that began August 17.
The whale positioning comes ahead of a Solana upgrade that will increase the transaction-size ceiling from 1,232 bytes to 4,096 bytes. Analyst Crypto Tony said the change will allow multiple transactions to be bundled into a single transaction.
He said the larger ceiling addresses the existing 1,232-byte transaction limit. Ethereum does not have a set protocol size limit.
Solana Futures Demand Weakens
While the whale positions point to long exposure, broader futures data shows weaker demand. CoinGlass data shows that Solana’s funding rate has turned negative, indicating that short positions are more prevalent in the funding market.
The long/short ratio of 0.92 also indicates a higher number of short accounts than long accounts. Derivatives volume has dropped 16% to $6.53 billion, while open interest has declined 1.21% to $6.47 billion. The whale positions therefore contrast with broader derivatives positioning.
ETF Inflows Continue
Demand through Solana ETFs has remained active despite the decline in futures activity. The products have recorded ten straight weeks of inflows.
The ETF inflow trend contrasts with the decline in derivatives volume and open interest. ETF demand has continued while futures participation has weakened.
Solana Upgrade Adds a Network Capacity Focus
The upcoming upgrade is centered on increasing the maximum transaction size from 1,232 bytes to 4,096 bytes. Crypto Tony said the change could allow several transactions to be bundled into a single transaction and remove the limitation imposed by the existing transaction-size ceiling.
Ethereum is also pursuing network changes. An earlier CoinGape report cited Vitalik Buterin discussing a major Ethereum upgrade focused on making the network resistant to quantum computing.
FAQs
What is Solana’s current price?
SOL is currently trading at $103.44 per the given market information.
What are the important resistance levels in SOL?
The major resistance levels are seen around $108 to $110.77, and then Fibonacci resistances at $111.30 and $115.61.
What is the important support for SOL?
The 20-day SMA at $100.76 and 20-day EMA at $98.82 are the immediate support levels.
How much did the five Hyperliquid whales invest in SOL longs?
The five addresses opened a combined $9.11 million in SOL long positions between September 7 and September 8.
