Solana Price Tanks 12% Following $60 Million SOL Whale Dumping, What’s Next?

Solana price SOL $113.5 24h volatility: 8.1% Market cap: $64.23 B Vol. 24h: $7.70 B has come under strong selling pressure with the bulls facing rejection at $185 last week. Over the past week, SOL has dropped over 12% losing more than $8 billion of its market cap. It turns out that whales have been selling their SOL holdings and minting huge profits recently.

Solana Price Sees Selling Pressure after Whale Dumping

As per the latest data from Lookonchain, a high-profile “smart whale” recently offloaded 92,000 Solana (SOL) tokens, valued at $14.58 million.

Since November 1, the whale has offloaded a total of 357,070 SOL, worth around $58.54 million. Currently, the whale’s holdings include 52,089 JitoSOL tokens (valued at $9.46 million) and 126,548 SOL (valued at $20.05 million).

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The smart whale with a profit of ~$87M sold another 92,000 $SOL($14.58M) in the past 2 hours.

The whale has sold 357,070 $SOL($58.54M) since Nov 1, currently holding 52,089 $JitoSOL($9.46M) and 126,548 $SOL($20.05M).https://t.co/gUPNO1hS6k pic.twitter.com/LfDeC0pwIi

— Lookonchain (@lookonchain) November 5, 2024

Additionally, blockchain analytics firm Glassnode has reported that Solana is seeing an extraordinary increase in on-chain transfer volume. This volume has reached a record $224 billion in a single day, nearly three times Solana’s entire market cap of $76 billion.

This activity spike was largely attributed to a high-frequency wallet, believed to be an arbitrage bot, utilizing multiple accounts. The wallet’s increased activity began in early October, likely contributing to recent fee hikes that have been a topic of discussion within the community, noted Glassnode.

SOL Defends $155 Support, a Trend Reversal Soon?

Earlier today, Solana price bounced back from the crucial support levels of $155 and is once again trading 1% up at $162.14 with a market cap of $76.35 billion. Following this bounce back, popular crypto trader IncomeSharks closed his short position for SOL.

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$SOL – We got the $155 target for the short and now I think we will hold this supertrend level so closing my short as planned. OBV gave the entry target and supertrend gave the exit target. https://t.co/dJ1ELpZ5oC pic.twitter.com/aqOOD08FxS

— IncomeSharks (@IncomeSharks) November 5, 2024

Some of the other market analysts also predict that the SOL price could soon rally to $200. An analyst predicts that Solana is on the brink of a breakout, particularly if Bitcoin BTC $82 185 24h volatility: 6.8% Market cap: $1.64 T Vol. 24h: $87.41 B manages to surpass its all-time high (ATH). Such a move could spark strong bullish momentum, positioning Solana for a fresh growth phase in the crypto market.

Amid today’s volatile landscape, Solana’s resilience is notable. Investors may want to keep a close eye on SOL, as analysts signal a promising outlook for its potential upward trend in the current market environment.

For Solana price to hit $200 levels, the bulls must first convincingly take it past $170 levels. Recent trading patterns indicate a potential bullish trend, with momentum likely to continue if Solana surpasses a key resistance level. The Awesome Oscillator (AO) recently shifted to green bars, showing increased momentum, although the latest red bars could point to a possible slowdown in buying pressure.

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