Ethereum is sending mixed signals as whale wallets accumulate 640,000 ETH while 305,000 ETH flows into exchanges

The technical picture suggests a possible breakout, but confidence remains fragile as traders watch for confirmation. Solana is showing more consistent strength, with renewed momentum pushing Layer 1 narratives back into the spotlight.

Ethereum is sending mixed signals as whale wallets take a bullish path with huge accumulations, while smaller investors appear to be selling and sending funds to exchanges. Around 305,000 ETH has recently flowed into exchanges, which could exert some selling pressure in the short term.

However, at the same time, long-dormant "silent" wallets, which haven't interacted with the blockchain in years, have been accumulating huge amounts of ETH. Since the beginning of March, these wallets have mopped up 640,000 ETH, marking the largest accumulation of this kind since 2018. This divergence suggests a tug-of-war between profit-taking and strategic positioning.

Technical analysis suggests that Ethereum has broken out of a multi-month falling wedge, a bullish chart pattern that is often linked to reversals. The Relative Strength Index (RSI) has also pushed higher, further supporting the breakout narrative.

However, despite the improving sentiment and technical outlook, the influx of ETH to exchanges still warrants some caution in the short term.

Solana is showing more consistent strength as renewed momentum has pushed Layer 1 narratives back into the spotlight. After a strong rally that saw it triple in August, Solana has continued to outperform and now trades at around $28. It is aiming to clear the $29 resistance, which could open the door to a move towards the next resistance level at $30.

Sui has also joined the rally, surging by 75 percent in just five days. The striking recovery of SUI has seen it nearly halve its earlier 2025 losses.

The momentum in the Mena Chain token is fueled by a recent spike in ecosystem activity, including renewed interest in memecoins, which has helped to crowd in retail traders and re-invigorate community sentiment. Having fallen from highs of nearly $8 in January to lows of around $2 this year, SUI is now showing signs of a bullish reversal.

Now trading at around $3.6, SUI has cleared a key cluster of resistance at $3.5 and moved above the 200-day moving average. However, despite the striking rally, Mena Chain tokens are still showing signs of selling pressure, with around $27 million in exchange inflows.

As long as support holds, SUI may yet offer more upside in the near term.

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