Two wallets withdrew 1.34 million SOL from Coinbase Prime, with staking suggesting quiet accumulation during the dip.
If $156 holds, SOL could rally 16% toward $184—but one slip could trigger a deeper correction.
Solana [SOL] rallied past $168 before cooling off, suggesting that a healthy correction phase may be underway.
Naturally, whale activity and on-chain signals raised questions about whether this dip was a setup for a stronger leg up.
Whales and institutional participation skyrocket
On the 12th of June, whale tracker Onchain Lens flagged that two newly created crypto wallets withdrew 1,348,741 SOL worth $219.99 million from Coinbase Prime.
Such a substantial altcoin withdrawal is typically associated with whales or institutions and appears to be a bullish sign for the asset.
However, the whale sent all of this SOL for staking, which suggests a long-term belief in Solana. This is a bullish sign and further indicates a potential buying opportunity.
In addition to this whale transaction, investors and long-term holders have also been found accumulating the token, as the price appears to be heading for a correction.
$21.82 million worth of SOL outflow
According to CoinGlass’ Spot Inflow/Outflow metric, exchanges across the crypto landscape have recorded an outflow of $21.82 million worth of SOL tokens in the past 24 hours.
Source: CoinGlass
This substantial token outflow from exchanges suggests potential accumulation, which could lead to buying pressure and a further upside rally.
However, despite this bullish backdrop, the price briefly dipped 4% to $159.60, in line with the broader correction.
Solana bulls are loud, but are they early?
Given the current market sentiment, traders are increasingly betting on the bullish side. At press time, Binance’s Binance’s Long/Short Account Ratio hit 2.40, with 70.61% of traders holding long positions.
Source: CoinGlass
That’s a strong skew, suggesting leveraged traders continued to bet on the upside despite the pullback. Moreover, short positions made up just 29.39%, showing bears were still reluctant to step in with size.
When combining these metrics, it appears that bulls are currently dominating the altcoin and are helping to maintain SOL in an uptrend.
Solana: Price action and key levels
According to AMBCrypto’s chart analysis, SOL appears to be in an uptrend, although it is currently experiencing a market correction.
The daily chart revealed that the altcoin recently surged over 15% to reach the $168 level but is now retesting a local support zone near $157.80.
Source: TradingView
If buyers defend $157, another push to $184—roughly 16% higher—remained possible. However, if sellers take control and price breaks below $156, downside targets included $148 and $142.
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