Whales Open Longs on Solana as Price Tests $77 Support

Solana has lost nearly 40% in a month and more than 54% since its January peak, and the broader trend still looks weak. Despite prevailing bearish sentiment, some large holders are opening aggressive long positions as price sits near the critical $77 support. An early reversal signal has appeared: since November 21 the price has made lower lows while the Relative Strength Index (RSI) has formed a higher low, creating a bullish divergence.

That setup is not confirmed; confirmation would require the next daily candle to close above $77 and, more importantly, the RSI to remain above 30. One whale deposited $2 million in USDC and opened a 20× leveraged long amid this uncertainty. Derivatives activity remains skewed toward downside: open interest rose from $1.93 billion to $1.98 billion (a 2.6% increase) while funding rates fell from -0.005% to -0.032% (about 540% deeper into negative territory).

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