- 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).
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.
Related: Backpack SOL Staking & Robinhood Interest Builds Solana (SOL) Price Rally
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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