Solana (SOL) has been struggling below $150 since March 3, with its technical indicators still pointing to a bearish trend. The number of Solana whales has declined in recent days, suggesting some large holders may be reducing exposure.
Meanwhile, Solana’s total value locked (TVL) remains below $10 billion, highlighting weakening engagement in its DeFi ecosystem. For SOL to regain bullish momentum, it would need renewed whale accumulation, a recovery in TVL, and a breakout above key resistance levels.
Solana TVL Stuck Below $10 Billion Since February 22
Solana’s total value locked (TVL) has been steadily declining. It is currently at $8.87 billion, and the last time it surpassed $10 billion was February 22.
TVL represents the total amount of assets deposited in a blockchain’s decentralized finance (DeFi) protocols, serving as a key indicator of network activity and investor confidence.
A higher TVL suggests strong ecosystem engagement, while a declining TVL can indicate reduced liquidity and fading interest.
With Solana’s TVL continuing to drop, it raises concerns about potential weakening demand for its DeFi ecosystem, which could impact SOL’s price, at a moment when the chain and some of its major players have been suffering criticism from the community.
A declining TVL often reflects lower capital inflows and reduced activity in lending, staking, and trading protocols, limiting upward price momentum.
For Solana’s bullish case to strengthen, its TVL would need to stabilize and recover, signaling renewed investor confidence and increased network utility.
Whales Stopped Accumulating SOL
The number of Solana whales – addresses holding at least 10,000 SOL – grew between February 28 and March 3, rising from 4,953 to 5,053. However, since then, the number has steadily declined, now sitting at 5,023.
Tracking whale activity is crucial because large holders can influence market trends. Accumulation often signals confidence in price appreciation, and distribution often indicates potential selling pressure.
A sustained increase in whale numbers typically suggests strong demand, while a decline can hint at weakening sentiment.
With the recent drop in Solana whale addresses, there are concerns that some large holders may be reducing exposure, which could create selling pressure on SOL.
If this trend continues, it could limit upward momentum and lead to price consolidation or declines.
However, if whales resume accumulation, it would indicate renewed confidence in Solana’s long-term prospects, potentially supporting a stronger price recovery.
Solana Still Struggles to Breach $150
Solana’s EMA lines indicate that the current setup remains bearish, with short-term averages still positioned below long-term ones.
This alignment suggests that downward pressure persists, limiting immediate upside potential.
However, if the trend reverses and buying momentum strengthens, SOL could climb toward $160.7, and a breakout above this level could push it further to test the $180 resistance.
On the downside, if bearish momentum intensifies, Solana price could retest support at $130.
A breakdown below this level could drive the price lower, potentially testing $125.
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