Whales bought $421 million worth of Solana, but the price remained down

While most traders are still cautious about price trends and the future of the market, whales are massively accumulating Solana (SOL).

In the past week alone, over $421 million has been pumped into Solana-related investment products, more than any other cryptocurrency. In comparison, Bitcoin-related products saw over $946 million in outflows, which is one of the main reasons for the recent market decline.

Despite this influx, Solana’s price has remained flat in the $160-$164 range, and has even declined slightly. Data shows that most of this capital has entered the market through the newly launched Solana ETFs, while retail user demand and activity in the cryptocurrency’s spot market have yet to grow.

Technically, Solana remains bearish; the exponential moving averages (EMAs) are above the price and the relative strength index (RSI) is approaching the oversold zone.

Analysts believe that whales are adjusting positions for the next round of growth, but until market sentiment and capital inflows from retail traders change, Solana’s price is likely to remain in this range.