Solana (SOL) has printed its first green monthly candle in 10 months, while its monthly RSI broke out of a downtrend that had persisted for two years. A potential bullish cross forming on the monthly MACD adds to the improving momentum, and in parallel, the whale wallet HURDw accumulated 285,503 SOL.

Three distinct monthly technical developments have emerged on the Solana chart as a large whale added $28.82 million worth of SOL. Analyst Ash Crypto highlighted the green monthly candle, the potential MACD bullish cross, and the two-year RSI downtrend break. Separately, Lookonchain reported that whale HURDw purchased 285,503 SOL on Hyperliquid over a three-week span.

Monthly Signals Turn Positive

According to Ash Crypto, Solana closed its first green monthly candle in 10 months. The analyst also flagged a monthly MACD that is on the verge of a bullish cross, while the monthly RSI has broken a downtrend lasting two years. Ash Crypto asked whether these shifts could precede a major bullish reversal.

The technical developments come as SOL trades within a volatile range. Spot flow data places price action between roughly $98 and $110 from Aug. 28 to Sept. 9. SOL began the period near $109 to $110 on Aug. 28 before sliding toward $102, briefly recovering above $105, and then dipping to about $98 to $99 around Sept. 2.

Whale Buying Adds to Market Activity

Lookonchain reported that whale HURDw accumulated 285,503 SOL worth $28.82 million, with the purchases executed on Hyperliquid over the past three weeks. Spot netflows remained uneven across the same window: green bars marked stretches of stronger inflows, while red bars reflected periods when outflows dominated.

One inflow spike approached $25 million on Sept. 3. Several outflow events reached about $15 million, and another positive flow cluster formed around Sept. 6, containing individual inflow spikes above $10 million. SOL also climbed to roughly $105 to $107 around Sept. 6 before retreating toward $104 to $105.

SOL Faces $105 to $107 Resistance

The most recent flow data points to a more subdued and mixed environment, with SOL trading near $104 to $105. The key levels in view are $102 to $103 as support and $105 to $107 as resistance. A sustained move above $107, accompanied by controlled inflows, could open the $109 to $111 area.

Conversely, renewed large inflows and a rejection below $105 could expose $102 and potentially $99 to $100. Large inflows raise the amount of SOL readily available on spot venues, while significant and persistent outflows can shrink the supply available for selling.

Primary sources: Ash Crypto on X, Lookonchain. Source: Cryptofrontnews