Solana (SOL) is attempting to recover from its recent decline, but a large whale transfer to major cryptocurrency exchanges has raised questions about whether the rebound can hold. As of press time, Solana is trading at $108.74, up 2.06% on the day, according to the TradingView chart cited by Tron Weekly.

The move higher follows a report from on-chain analytics account Lookonchain, which flagged deposits of 240,000 SOL — worth roughly $25.3 million — into Binance, OKX, and Bybit over the past 24 hours. Such transfers could add selling pressure if the tokens are sold, although an exchange deposit by itself does not prove a sale has occurred. Traders are also monitoring technical indicators and derivatives positioning to judge whether SOL can sustain its recovery.

Lookonchain Flags $25.3M in Whale Deposits

Lookonchain highlighted the whale's activity in a post on X on October 21, 2026, identifying the address as HoYd72 and reporting deposits to three of the largest cryptocurrency exchanges:

Whale HoYd72 is selling $SOL , depositing 240,000 $SOL ($25.3M) into #Binance , #OKX , and #Bybit over the past 24 hours. pic.twitter.com/J7A8srfDyN
— Lookonchain (@lookonchain) October 21, 2026

Large transfers tend to attract market attention because traders often read them as possible preparation to sell. Exchange inflows are among the most closely watched on-chain signals for this reason: tokens held on a centralized trading venue can be sold at a moment's notice, whereas coins sitting in self-custody wallets would need to be moved first. The actual impact depends on what happens to the deposited tokens. If the whale sells a significant portion of the holdings, the added supply could weigh on SOL, especially if buying demand stays weak. If the tokens remain on exchanges unsold, the immediate price impact could be limited. The deposits therefore represent a possible source of selling pressure rather than confirmation of a bearish outcome.

Technical Picture: SOL Just Below Its 20-Day EMA

The daily chart places SOL at $108.74, just below its 20-day exponential moving average (EMA) of $108.81 — a short-term average that could serve as an immediate hurdle as buyers try to extend the recovery. EMAs weight recent prices more heavily than older data, which is why the shorter averages tend to react quickly to shifts in near-term momentum.

SOL is still trading above its 50-day EMA of $106.88, its 100-day EMA of $100.21, and its 200-day EMA of $98.08, a setup indicating that the recent pullback has not fully undone the broader recovery shown on the chart.

The relative strength index (RSI) — a momentum indicator that measures the pace of recent price changes on a scale where readings above 50 generally favor buyers — stands at 49.16, edging nearer to the neutral 50 level. The indicator's recovery suggests bearish momentum has eased, but the RSI remains just below 50 and has not yet confirmed a stronger bullish shift.

Key Levels: $117.91 Resistance and $103.67 Support

The chart marks resistance around $117.91, a level SOL would need to retake to reinforce its recovery. To get there, buyers must first drive the price past the 20-day EMA and defend the $106.88 area, where the 50-day EMA currently stands.

To the downside, $103.67 is a nearby level worth watching, with the 100-day EMA at $10021 next. According to the chart analysis, a sustained break below these zones could undermine the recovery and leave SOL open to further losses. A move above $108.81 would provide an initial sign of improving short-term strength, while a break above $117.91 would offer stronger confirmation of a recovery. Neither level guarantees that SOL will continue rising.

Open Interest Cools From Peaks While TVL Holds Near $6B

CoinGlass data puts Solana's open interest at roughly $6.5 billion on the latest chart, below the peaks seen in late September and early October. Although open interest remains sizable, the pullback from those highs shows that the total value of outstanding derivatives positions has declined from recent peaks. Open interest by itself does not show whether traders are mostly bullish or bearish; shifts in funding rates and liquidation activity would add useful context, but exact current readings were not provided.

Meanwhile, the DeFiLlama chart cited in the report shows Solana's total value locked (TVL) at close to $6 billion. TVL measures the combined value of assets deposited across the network's decentralized finance protocols and is widely used as a gauge of on-chain capital. TVL has held fairly steady in recent weeks even as SOL fell back from its September and early October highs, suggesting the decline in price has not been accompanied by a comparable drop in displayed TVL. Even so, TVL alone cannot establish whether user activity, capital inflows, or overall network demand has strengthened or weakened.

What Traders Are Watching Next

Solana's near-term direction hinges on whether buyers can reclaim $108.81 and hold the $106.88 zone. A sustained recovery could put the $117.91 resistance level back in play, whereas a break below $103.67 would weaken the short-term outlook.

The whale's $25.3 million transfer gives traders one more factor to monitor, but whether it turns into real market pressure will depend on the selling activity that follows. The recovery attempt and the exchange deposits present two competing signals: improving short-term momentum and the possibility of additional supply entering the market.

Crypto markets remain highly volatile. This article contains market analysis and price levels that are not guarantees and does not constitute financial advice. Traders should do their own research and monitor price action, market conditions, and upcoming catalysts before making investment decisions.