Solana Price Targets Imminent as Whale Wallets Decline

Solana's price action has been lackluster in recent weeks, with a 4% decline over the past week and a mixed performance over the past month. The altcoin reached a local resistance level at $84, but failed to break through.

The average order size of executed spot trades on Solana has increased significantly over the past six months, indicating potential accumulation by large investors. However, this trend is accompanied by a decline in the number of trades, which may suggest that the increase in average order size is due to fewer but larger transactions.

A recent report from Lookonchain revealed that Pump.Fun sold another $6.15 million worth of Solana tokens, bringing their total sales to over $800 million at an average price of $169. This sale represents a significant portion of the altcoin's total market capitalization and may contribute to its bearish trend.

Crypto analyst Ali Martinez noted that the number of Solana whale wallets has decreased by 3.6% since May, indicating a lack of conviction among large investors. The liquidation heatmap also suggests that a sweep of the $85-$90 region is possible, with the $70-$73 zone being a more likely price target in the short term.