- FTX and a major whale unstake over $50M in SOL, but continue holding large reserves.
- Meme coin boom doubles Solana ecosystem value, driving speculative interest.
- ETF anticipation and bullish technicals point to $190–$200 as the next key levels.
Solana (SOL) showed impressive market strength, trading around the $177 mark on May 12, its highest price level since early March, fueled by a confluence of whale movement, broader market optimism, and bullish technical indicators.
This strong price performance, fueled by substantial whale movements, broad market optimism, a meme coin explosion, and upcoming spot ETF decisions, now sets the stage for its price path on May 13.
Whale Activity, Holdings Steer SOL’s Short-Term Outlook
On-chain data reveals notable moves from large Solana holders, a factor likely influencing May 13 sentiment based on recent trading.
FTX/Alameda’s staking address recently unstaked 187,625 SOL valued at $32.24 million, yet still retains a massive 5.2 million SOL ($913.5 million) in staking.
Meanwhile, a previously dormant whale unstaked 103,040 SOL worth a whopping ($17.7 million), keeping over 3.36 million SOL ($584 million) in their portfolio.
While such movements often precede profit-taking or reallocation, the retained SOL indicates sustained institutional confidence in Solana’s long-term outlook.
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Meme Coin Boom, ETF Hopes Fuel Solana’s May 13 Prospects
Solana’s rally is a result of the explosive growth of its meme coin ecosystem. Tokens like Bonk, dogwifhat, Popcat, and Peanut the Squirrel have doubled the Solana meme coin market cap from $6 billion in April to $15 billion as of press time, Coingecko shows .
Further boosting sentiment for May 13 is the growing anticipation for spot Solana ETFs . Applications from VanEck, 21Shares, Grayscale, and Bitwise are under SEC review. If approved — especially with staking allowed — JPMorgan estimates $6 billion+ in inflows during the first year.
Solana (SOL) Price Outlook May 13: Key Technical Levels from $177 Analysis
On the daily chart, Solana displays strong bullish momentum. Fibonacci Extensions suggest possible targets at $177.33 (2.618 level), which is currently being tested. Other resistances include $191.06 (3.618 level) and $199.54 (4.236 level).
Source: TradingView The Relative Strength Index (RSI) is at 63.36, just below overbought territory. This signals continued strength, with room for a further push upward before exhaustion sets in.
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Meanwhile, the MACD remains bullish with the MACD line (blue) staying above the signal line (orange), and histogram bars are green, indicating ongoing buying pressure.
Support levels are likely around $163.60 (1.618 Fib) and $156.21 (1.0 Fib), should the price experience a short-term retracement.
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