Solana's price continues to stay below $130, reflecting broader market uncertainty. Over the past 30 days, SOL has dropped nearly 36%, highlighting sustained selling pressure.
Solana's TVL Remains Under $7 Billion
According to DeFiLlama, Solana's Total Value Locked (TVL) stands at $6.72 billion. Since February 23, Solana has failed to reclaim the $10 billion mark, signaling constrained capital inflows into its decentralized finance (DeFi) ecosystem. The highest TVL recorded this year was $14.24 billion on January 18, but a steady decline has followed. Despite maintaining a strong presence in the DeFi sector, Solana's lower TVL reflects investor caution.
Whale Activity and Its Impact on Solana's Price
On-chain data from Glassnode shows that the number of Solana whales, defined as addresses holding at least 10,000 SOL, has increased slightly. The whale count rose from 5,008 to 5,031 in just two days, but this remains lower than the March 3 peak of 5,053. Large holders have the potential to sway market trends, and their recent accumulation suggests renewed confidence. However, the current figures indicate hesitation, as the number has yet to recover to earlier highs. A higher whale count typically signals strong investor conviction, but the current data reflects a market still in transition.
Solana Price Movements: What to Expect Next?
SOL is trading within a narrow range, with support at $120.76 and resistance at $131. If the Solana price fails to hold above support, a drop toward $112 could be on the horizon, marking a deeper correction amid bearish momentum. Conversely, a breakout above $131 could trigger a move toward $152.90. If bullish sentiment strengthens further, SOL could attempt to reclaim $179.85. The coming days will be critical in determining the major moves. Solana price action remains constrained within key levels. TVL struggles to regain strength, while whale activity shows cautious accumulation. Traders should monitor support and resistance levels closely as SOL's next move unfolds.
With Solana's TVL stabilizing and large holders slowly returning, a shift in market direction may be approaching. However, the lack of strong buying pressure keeps uncertainty high.
