Solana DePIN GRASS Slips 15%, Volume Jumps 55% on Whale Accumulation

Grass ($GRASS), the native token of the leading Solana-based DePIN (Decentralized Physical Infrastructure Network) platform, has declined by 15%, dropping from a high of $1.96 to settle around $1.72 at the time of writing.

This decline has brought the token back to flat territory, trading at the same levels as exactly one month ago.

Many attribute the recent drop in the price of $GRASS to massive perpetual futures selling, with no substantial on-chain movement to support the price.

$637K in Longs Liquidated in 24 Hours, But Whales Make GRASS the No. 2 most-bought Solana token

Over $637,400 worth of $GRASS long positions were liquidated in the perpetual market within the last 24 hours, while on-chain volume recorded via Raydium reached only about $3.2 million.

However, trading volume over the past 24 hours tells a different story.

Spot market volume for $GRASS has surged by over 55% in the last 24 hours, with CoinGlass data revealing that derivative market volume has also jumped by over 95% during the same period.

Stalkchain data indicates that smart money and whales aggressively bought the dip, making $GRASS the second-most-purchased Solana token in the AI + utility sector.

Over $200,000 worth of GRASS dips were purchased, raising questions about whether whales possess insights that retail investors have overlooked.

It appears whales are closely monitoring network growth and market activities surrounding Grass.

Grass has demonstrated rapid network expansion as a blockchain project focused on creating a decentralized network for monetizing unused internet bandwidth, particularly for AI-related tasks.

Grass Network Explodes: 57M GB Processed, Billion-Video Dataset Built

Grass processed over 57,000,000 GB of public web data in Q1. In March alone, the network averaged 1,100,000 GB per day.

This represents a scale previously exclusive to the internet’s largest companies.

Over recent months, the Grass Foundation has quietly assembled one of history’s largest video datasets: over one billion videos from across the public web, segmented by scene with VLM annotations of keyframes.

This dataset is now searchable, allowing users to locate the exact moment a visual pattern or concept appears in a video.

Examining funding rates in the derivative market, as of June 12, rates have shifted from negative to positive, typically indicating bullish market sentiment.

A positive funding rate in derivatives markets means long position holders pay short position holders.

This occurs when the derivative contract price exceeds the underlying asset’s spot price. All these factors point to strategic whale activity, especially if volume returns to the market.

With $GRASS still down over 55% from its all-time high of $3.90, whales purchasing current dips are positioned for potential gains exceeding 125% if the DePIN token reclaims its November 2024 peaks.

Technical Analysis: $1.56 Make-or-Break Level Could Trigger Major Rally

The GRASS/USDT daily chart shows the asset in a corrective phase following an impulsive five-wave Elliott structure, with wave (4) likely complete and price currently consolidating.

The SMA (9) at $1.9442 acts as dynamic resistance, and the price is currently trading below it, around $1.72, reflecting short-term bearish pressure.

Despite the pullback, a visible demand zone around $1.56–$1.68 provides support. If this zone holds, we could witness a reversal toward marked resistance levels.

The first upside target is $2.24–$2.34, and with building momentum, the price could advance toward target 2, which is $2.52–$2.62.

A break above this level would allow a move to retest December’s high at $3.686, with the green-shaded zone projecting bullish continuation toward $3.67.

Overall, the price maintains a higher low structure, suggesting the broader trend could remain bullish if the current support zone holds. A breakdown below $1.56 would invalidate this scenario and shift sentiment bearish.

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