Whale Wallets Accumulate Top Meme Coins as Solana Battles $196 Support Level

• Solana whales accumulate $18.57M in meme coins, signaling strategic moves despite price pressure and market uncertainty.
• Critical $196–$200 support zone tested multiple times; a breach could lead to further downside toward $160.
• Meme coins like $WIF, $POPCAT, $FWOG, and $michi remain relevant as traders navigate Solana’s declining momentum.

Recent whale activity on Solana has sparked interest within the crypto market. A purchase of $18.57 million worth of meme coins was reported. Wallet “DWhUa” allegedly acquired e $WIF, $POPCAT, $FWOG and $michi within 14 hours. These tokens were transferred to a new wallet, “D2Noa,” highlighting strategic moves amid Solana’s declining price.

Meme coins have seen fluctuating interest in 2025. Although widely celebrated in 2024, the segment now faces oversaturation due to the rise of “fair launch” platforms. Established coins like $WIF and $POPCAT, once boasting billion-dollar market caps, continue to draw attention. Meanwhile, $michi and $FWOG, with highs of $500 million, remain relevant for traders despite the changing market dynamics.

Solana’s Price Action and Critical Levels

Solana’s price fell 1.72% to $198.76, continuing its broader downtrend. The descending triangle pattern was formed by declining highs and horizontal support near $196–$200. This zone has been tested multiple times, underlining its importance for short-term buyers.

The persistent selling pressure with consecutive red candles confirms a bearish sentiment. Solana briefly broke above its descending trendline but failed to sustain momentum. Consequently, the price retraced to its critical support zone.

Source: X

Trading volume has remained consistent, suggesting steady market participation. If the $196 support level fails, Solana could decline further, potentially targeting $160. The lower dashed red line shows this bearish possibility.

Market Sentiment and Key Takeaways

Meme coins on Solana remain a hot topic, despite diminishing market-wide interest in the segment. The recent whale purchases reflect confidence in these established tokens. Furthermore, Solana’s current price action demonstrates a crucial consolidation phase.

Investors should closely monitor the $196–$200 support zone, as a breach could signal downside risks. Besides, previous breakout attempts highlight the potential for recovery, albeit short-lived. Moreover, the ongoing accumulation of meme coins may spark renewed interest in Solana’s ecosystem.