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Key Insights:
- A whale deposited 11,445 SOL worth $2.01M on Binance.
- Solana recorded $1.1B in stablecoin inflows in May—the highest monthly inflow since 2024.
- Standard Chartered projects Solana price to hit $275 by the end of 2025.
After a year of liquid staking, a whale unstaked and transferred 11,445 SOL or about $2.01 million, to Binance. Originally, the wallet staked 30,000 SOL by converting it to JitoSOL and still holds over 18,000 JitoSOL (worth $3.87 million).
The on-chain movement comes as technical indicators show Solana price forming a double top near the $183 level, a pattern that is often a precursor to a reversal. Capital inflows and ecosystem activity continue to grow, while short term price structure suggests potential pressure ahead.
Whale Unstakes 11,445 SOL as Bearish Signals Emerge
A whale unstaked and deposited 11,445 SOL ($2.01M) into Binance, according to a report from Onchain Lens. It comes a year after liquid staking through JitoSOL.
The whale staked 30,000 SOL which it converted to JitoSOL in 2024. They still hold 18,290 JitoSOL, worth around $3.87 million of that amount.
At press time, SOL is trading around $175.88, down 0.92% in the last 24 hours. On the 4-hour chart, the asset is forming a bearish ‘rising wedge’ pattern that usually indicates downside pressure.
Furthermore, a resistance zone has formed near the $183–$184 region, where a possible double top formation has formed.
Additionally, the stochastic oscillator is currently reading above 86, which means the asset is in overbought territory.
If confirmed, this technical pattern could push the price towards the $161 level, which has been a support level before.
Despite these technical headwinds, on-chain metrics are strong. Data tracking investor positions shows that 76.1% of SOL’s circulating supply is currently in profit, and Solana’s daily active addresses sit at 6 million.
The funding rate is negative, -0.0002%, which could be due to early short positioning by traders, but futures open interest is $4.5 billion.
As per the Glassnode report, Solana is the only non-stablecoin asset in the top 10 with a negative funding rate. The value is small, but it may be a sign of a growing number of traders betting on a short-term correction as technical patterns develop.
Capital Inflows Surge, Yet Traders Eye Short-Term Risk
In May, $1.1 billion of net stablecoin inflow came from centralized exchanges to Solana. This is the largest single-month inflow into Solana since early 2024, as per Top Ledger reports.
The trend is a strong movement of liquidity into the network and further bolsters confidence in the network’s capital base.
At the same time, there is broader strategic activity in the ecosystem. The company, Sol Strategies Inc., filed a $1 billion preliminary base shelf prospectus, which allows the company to raise future funds.
The capital will be used to help fuel growth opportunities in the Solana ecosystem. The company said it would be moving “decisively as strategic opportunities emerge.”
In parallel, Solana has made itself more accessible by going live on the MetaMask extension. With the integration, users can send, receive, bridge, swap and interact with Solana-based applications with MetaMask, one of the most popular wallets in crypto.
This move increases user accessibility and cross-chain utility, which will make Solana more attractive to a wider user base.
Standard Chartered also provided further institutional support by kicking off coverage of Solana with a price target of $275 by the end of 2025 and $500 by 2029.
Solana price trades at a discount relative to its market cap to GDP ratio, and the bank viewed it as ‘cheap’ relative to BNB.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
