SOL, the native token of the Solana blockchain, appears to be attracting considerable attention from crypto enthusiasts following its recent decline. According to Coinmarketcap data, SOL has seen a significant price drop of over 20% in the past 24 hours and is currently trading near $137.
Whale Unstaked $10.40 Million Worth SOL
Following this bearish price momentum, a crypto whale who has been holding SOL since it was trading at $43 has unstaked 79,530 SOL tokens worth $10.39 million, according to on-chain analytics firm EyeOnChain on X (formerly Twitter).
The post also noted that this whale had previously withdrawn nearly 200,000 SOL tokens worth $8 million from Binance and staked them. However, as the price continues to decline, he now appears to be dumping and partially booking profits.
However, this potential profit booking occurred after the Crypto Strategic Reserve announcement, in which pro-crypto U.S. President Donald Trump mentioned SOL in the reserve. Considering the current market sentiment and recent whale activity, it appears that whales may be saying goodbye to Solana.
Will the SOL Price Fall to $100?
Besides this, another crypto trader appears bearish on SOL, having deposited 2 million USDC to long the token. However, the bearish signal comes from the fact that he has placed a limit order between $100 and $131.82 to accumulate tokens. This suggests that SOL could drop to the $100 level in the coming days.
Solana (SOL) Price Action and Upcoming Levels
According to expert technical analysis, SOL is currently at a crucial support level near $130. This level has historically acted as a strong price reversal zone, often witnessing significant buying pressure. Based on recent price action and historical momentum, if SOL holds this level, there is a strong possibility it could soar by 30% to reach $137 in the coming days.
With the ongoing market uncertainty, investors and long-term holders have been accumulating the token, according to on-chain analytics firm Coinglass. Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of over $180 million worth of SOL tokens in the past 48 hours.
When combining this outflow data with technical analysis, SOL appears bullish in the long term, whereas in the short term, the asset seems to be struggling to gain momentum.
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