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Solana price has struggled to maintain its footing above $130, reflecting broader market uncertainty.
Over the past 30 days, SOL has dropped nearly 36%, highlighting sustained selling pressure.
With its Total Value Locked (TVL) fluctuating below $7 Billion and mixed signals from whale activity, investors are watching for the next big move.
Solana’s TVL Remains Under $7 Billion
Solana’s Total Value Locked (TVL) currently stands at $6.72 Billion, according to DeFiLlama.
Since February 23, it 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.
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. However, 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.
Still, 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 Action: What’s Next for SOL?
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. This would mark 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.
Whether Solana price breaks out of this tight range or sees further downside depends on broader market trends and investor sentiment.
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. Traders should monitor support and resistance levels closely as SOL’s next move unfolds.
