- Solana (SOL) price fell 4%, driven by whale transfers of $40 million worth of tokens to exchanges, raising short-term market concerns.
- Blockchain data shows three major whales moved over 226,000 SOL tokens, suggesting profit-taking or new strategic moves.
- Analyst Jireon highlights SOL’s strong support on a 2020 trendline, projecting a potential rally to $300 and a long-term target of $1,000.
Solana (SOL) drops 4% as whale investors transfer tokens worth $40 million to exchanges, causing concerns about market direction. Despite this, primary support levels and analyst enthusiasm indicate potential future price appreciation.
As of this writing, Solana (SOL) is trading at $175.67, with a 24-hour volume of $16.20 billion and a market capitalization of $94.84 billion. SOL has dropped by 4.65% in the last 24 hours, indicating short-term weakness.
Whales Move $40M in Solana Tokens to Exchanges
Recently, blockchain data company Lookonchain reported that three major holders, commonly known as “whales,” have moved more than 226,000 SOL tokens to multiple crypto exchanges. These tokens, valued at approximately $40 million, may suggest that the investors are either taking profits or preparing for new strategies.
Lookonchain’s report detailed the transfers. One whale, CMJiHu, sent 96,996 SOL (around $17.45 million) to multiple exchanges. Another, 5PjMxa, moved 91,890 SOL (about $15.98 million) specifically to Kraken. Lastly, HiN7sS deposited 37,658 SOL worth $6.73 million to Binance, which is estimated to have generated a profit of $1.63 million for the holder.
Solana Holds Key Support, Bullish Signs Ahead
Despite recent selling pressure, Solana’s future looks promising. Well-known crypto analyst Jireon noted that SOL is currently positioned precisely on a prominent trendline that has held since 2020. According to Jireon, if SOL maintains this support level and breaks through $264, it could spark a new rally, potentially pushing the asset to $300 shortly thereafter.
He was also optimistic over the multi-year horizon and set a $1,000 price target for Solana, which seems achievable. As SOL experiences shifts among major investors and tests key support levels, the next few weeks will be crucial in determining whether the climb to new highs can be sustained.
Also Read | Solana Breaks $175 Resistance, Bullish Setup Points Toward $300 Target
Solana Derivatives Show Renewed Momentum
The Solana derivatives market saw a strong increase in trading volume, rising 15.38% to $26.02 billion. However, open interest decreased by 0.83% to $9.75 billion, indicating that while more contracts are being traded, the total number of open positions has declined slightly. Price action has remained relatively stable, reflecting a tug-of-war between bulls and bears.
An OI-weighted funding rate of 0.0046 indicates weak bullish sentiment prevailing in leveraged sectors. The combination of elevated trading volumes and stable funding rates signals renewed market interest, although sustained momentum depends on broader price and liquidity patterns.
Also Read | Solana (SOL) Eyes $189 Breakout: Can It Reach New All-Time Highs?
