A major whale in the Solana (SOL) market has made waves with a substantial move, withdrawing 61,319 SOL, valued at approximately $12.4 million, from Binance and OKX on February 10th. The transaction, made at an average price of $202.53 per token, has generated a flurry of speculation about potential price shifts in the Solana market.

This marked return of a notable whale, after a two-month absence, has piqued the interest of market participants. Such large transactions often signal that experienced traders are positioning themselves for future price movements. But what does this mean for Solana’s price, and is this the beginning of a bullish phase?

Whale’s Track Record: Profitable Trades in the Past

This whale has a strong history of profitable SOL trades, adding weight to speculation that this recent withdrawal might signal an impending strategic move. Between late December 2023 and November 2024, the whale made two major transactions, collectively making a profit of $8.47 million, which equates to a 38.9% return. With a 100% win rate, this trader has a proven track record of successful Solana trades, leading many to believe that this latest move could be another step in their long-term strategy.

The key question now is whether this withdrawal is part of a longer-term accumulation phase for the whale or simply an early preparation for another exit. Given their history of making well-timed decisions, market participants are closely watching for any signals that could suggest the next move.

Key Support and Resistance Levels

At the time of writing, Solana’s price was hovering around $193.11, showing signs of consolidation after a recent drop. Key technical indicators reveal important support and resistance levels that could shape the future price action. The 50-day moving average (MA) is currently positioned at $211.85, while the 200-day MA stands around $183.14.

The price of SOL is currently near the long-term support level, and the accumulation/distribution (A/D) indicator is showing steady accumulation, indicating that buyers are stepping in near these support levels. If the price manages to hold above the 200-day MA, there could be a potential rebound toward the $210–$220 range.

However, if the price fails to maintain support at this level, it could open the door for further downside, with a possible dip to around $180 before any potential recovery. These levels will be crucial in determining whether Solana can maintain its momentum or experience a further pullback.

Rising Open Interest Indicates Increased Market Participation

An important development in Solana’s market is the steady increase in Open Interest (OI), which surpassed $5.4 billion as of the latest data. Open Interest refers to the total value of outstanding futures contracts, and its rise indicates increasing market participation from traders.

This increase suggests that more traders are entering the Solana futures market, which could lead to higher volatility in the short term. If Open Interest continues to rise while Solana’s price holds steady or moves upward, this could suggest a bullish scenario for the cryptocurrency.

In the past, surges in Open Interest combined with positive funding rates have been linked to bullish market sentiment. However, if Open Interest rises amid declining prices, it could indicate a build-up of short interest, which could bring additional downward pressure on Solana’s price.

Market Sentiment and What’s Next for Solana

The recent whale’s decision to withdraw a large amount of SOL, instead of selling it directly on exchanges, points to a more bullish market outlook. Withdrawals from centralized exchanges are typically seen as a sign of confidence in the asset, as investors move funds into cold storage in anticipation of future price increases.

If Solana can regain its momentum and break through the key resistance level at $211.85, there is a strong possibility it could resume its upward trend. In such a case, targets above $230 could be within reach.

However, a failure to break above this resistance and a breakdown below $183 could lead to a more prolonged period of consolidation, with the possibility of further downside pressure.

Conclusion: Is Solana Poised for a Bullish Rally?

The large withdrawal of Solana by a major whale is certainly a significant event, and it adds to growing speculation that Solana might be gearing up for its next big move. Given the whale’s past successes and the current market conditions, the withdrawal could signal the beginning of a bullish phase for SOL, provided it can hold above key support levels and break through resistance.

Market participants will be closely watching for signs that Solana can regain momentum and continue its upward movement, especially with rising Open Interest and steady accumulation by buyers. On the other hand, if the price fails to hold key support levels or breaks below the 200-day MA, a pullback to the $180 region might be more likely.

As Solana continues to consolidate, all eyes are on whether this whale’s latest move will precede another rally or if the market will face further challenges. Whether it’s the start of an exciting bullish phase or a signal of caution, the coming days could prove pivotal for SOL’s future price action.