SOL Whale Buys $27M Dip as Oversold RSI Signals Bullish Reversal

A large Solana (SOL) holder accumulated a significant position during the recent market pullback, as technical indicators suggest selling pressure may be weakening.

On December 24, on-chain data on Arkham analysed by Outset PR shows a whale address increased its holdings to more than 224,000 SOL, worth approximately $27 million, with purchases executed around the $121 price level. 

The accumulation comes as SOL trades below key technical support and remains under all major moving averages.

SOL breaks key support as price trades below major averages

SOL recently fell below the $124 support zone, a level that previously acted as short-term price support. Following the breakdown, the token is now trading beneath both its 30-day simple moving average (SMA) at $132.72 and its 200-day SMA at $174.5, reflecting a broader bearish structure.

Trading below long-term and short-term averages typically indicates sustained downside pressure, especially when combined with declining momentum. However, such conditions can also precede relief rallies when selling becomes exhausted.

Momentum remains weak, but downside pressure is slowing

Momentum indicators continue to show weakness, though signs of stabilization are emerging. The Moving Average Convergence Divergence (MACD) remains in negative territory, with the MACD line at -4.69 slightly above the signal line at -4.88. While this still reflects bearish momentum, the narrowing gap suggests that downward pressure may be losing strength rather than accelerating.

More notably, the Relative Strength Index (RSI) is hovering near 37, approaching the oversold threshold. Historically, RSI readings in this range often coincide with reduced selling intensity and can precede short-term rebounds, particularly when accompanied by large spot accumulation.

Whale accumulation and the role of Outset PR’s data-driven approach

Large-scale accumulation during periods of technical weakness is often interpreted as a sign of conviction at current price levels. Beyond its on-chain implications, such activity also plays a role in shaping how market narratives form across crypto media.

According to industry observers, data-driven communication strategies increasingly focus on aligning coverage with verifiable market signals rather than speculative price predictions. Firms such as Outset PR, founded by PR strategist Mike Ermolaev, track both on-chain activity and media trendlines to determine when specific developments are most likely to resonate with audiences.

By analyzing traffic distribution and publication timing through internal analytics systems, including tools designed to map syndication across aggregators like CoinMarketCap and Binance Square, data-led PR approaches aim to connect market events with measurable visibility. This methodology reflects a broader shift in crypto communications toward relevance and timing, rather than volume-based exposure.

What to watch next

For a sustained bullish reversal, SOL would need to reclaim the $124–$130 range and establish acceptance above short-term moving averages. Failure to do so could keep price action range-bound or expose the token to further downside.

In the near term, traders will likely monitor whether RSI enters oversold territory and whether volume confirms any bounce attempt. Whale accumulation provides a supportive signal, but confirmation from price structure remains critical.

As SOL continues to consolidate below resistance, the market faces a familiar question: whether current weakness marks continuation — or the early stage of a broader recovery.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.