Solana (SOL) price is up less than 1% in the last 24 hours but has gained 21% over the past 30 days, with its market cap reaching $115 billion. With the recent consolidation, SOL’s trend remains undefined, as reflected in its DMI and EMA indicators.
Whale activity has also stayed elevated, with addresses holding at least 10,000 SOL near record levels, signaling continued interest from major investors. Key support and resistance levels will determine whether SOL can recover an uptrend or face further declines in the coming days.
Solana DMI Suggests the Trend Remains Unclear
Solana Directional Movement Index (DMI) shows that its ADX is currently at 19.7, having fluctuated between 20 and 23 over the past three days. The Average Directional Index (ADX) measures the strength of a trend, regardless of its direction.
Typically, an ADX value below 20 indicates a weak or indecisive trend, while a value above 25 signals a stronger and more defined trend.
SOL DMI. Source: TradingView
The +DI, representing bullish pressure, has risen to 19.5 from 13.6 a day ago, indicating increasing buying momentum. Meanwhile, the -DI, reflecting bearish pressure, has dropped significantly to 22.4 from 35.8, suggesting waning selling momentum.
With its ADX at 19.7, SOL appears to be recovering from a downtrend, but the trend remains weak and undefined. A more decisive movement in the +DI and -DI, coupled with an ADX above 25, would provide clearer signals for SOL’s next direction.
Solana Whale Numbers Drop From ATH
The number of SOL whales – addresses holding at least 10,000 SOL – has risen significantly, climbing from 5,054 on January 17 to an all-time high of 5,167 on January 25.
Although it has slightly declined to 5,145, it remains near record levels, reflecting sustained interest from large holders.
SOL Whale Addresses. Source: Glassnode
Tracking whale activity is crucial as these investors often influence price movements. The near-record number of SOL whales suggests strong confidence among major holders, which could provide support for SOL price.
While the count has dipped slightly from its peak, the elevated level indicates ongoing accumulation, a potentially bullish signal for the token’s longer-term outlook.
SOL Price Prediction: Will Solana Recover Its Uptrend?
SOL’s EMA lines indicate that the current trend remains undefined.
In the last few days, the Solana price has managed to hold support around the $229 zone. This level has provided a critical foundation for SOL, helping it avoid further declines for now.
SOL Price Analysis. Source: TradingView
If SOL can regain an uptrend, it may rise to test resistance at $271, and breaking this level could see it climb to $295 or even surpass $300 for the first time.
However, if the $229 support is retested and lost, SOL price could drop to $211, and further to $191, marking its first dip below $200 since January 15.
Read the full article here
