Solana (SOL) has seen a modest increase of less than 1% over the past 24 hours, but its 30-day gain stands at an impressive 21%, pushing its market cap to $115 billion. Despite recent consolidation, SOL’s trend remains unclear, as indicated by its Directional Movement Index (DMI) and Exponential Moving Average (EMA) indicators. Whale activity has also remained elevated, with addresses holding at least 10,000 SOL staying near record levels, signaling continued interest from major investors.

Unclear Trend in Solana’s DMI

Solana’s DMI reveals that its Average Directional Index (ADX) is currently at 19.7, having fluctuated between 20 and 23 over the past three days. The 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.

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.

Elevated Whale Activity

The number of SOL whale addresses—those 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.

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.

Price Prediction: Can Solana Recover?

SOL’s EMA lines indicate that the current trend remains undefined. In the last few days, Solana’s 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.

If SOL can regain an uptrend, it may rise to test resistance at $271. 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’s price could drop to $211, and further to $191, marking its first dip below $200 since January 15.