Solana’s Whale Movement and Selling Pressure: What is the Impact on Crucial Support Levels?

Jakarta, Pintu News – Significant movements from large investors or whales in the Solana SOL1.30%->Current SOL PriceRp 2.255.5411.30%Market Cap-Trading Volume-Circulating Supply- ecosystem have again come to the attention of crypto market participants. Recently, one of the whales was discovered unstaking and transferring 71,448 SOL worth around Rp145.3 billion to the Binance exchange platform. This move comes amid growing concerns regarding potential selling pressure from large holders of the Solana cryptocurrency.

In addition to these transactions, more than 149,000 SOL or equivalent to IDR 303.2 billion have also been released by other whales in the last 24 hours. This activity was carried out at a price range between Rp1.73 million and Rp1.83 million per SOL. Interestingly, despite making large withdrawals, the whale still holds around 568,000 SOL or around Rp1.15 trillion in staking contracts.

Solana’s crucial support level still holds

Currently, Solana (SOL) has touched an important support level in the price range of IDR 1.75 million per SOL. This level has previously served as a key demand zone during price corrections in the past. The price bounce from this point helped stabilize the price movement for a while amidst the crypto market turmoil.

If SOL is able to stay above this support, the opportunity to test the next resistance in the range of IDR2.04 million and IDR2.44 million is increasingly open. Conversely, if the selling pressure continues and the price breaks below the support of IDR1.75 million, further downside potential could occur. Therefore, crypto market players are closely monitoring this level as a determinant of the direction of the next price movement.

Also Read: Bitcoin plummets to $70,000, global tariff tensions trigger investor concerns

Market Sentiment Toward Solana Still Negative

Although Solana (SOL) prices are showing recovery efforts, the general market sentiment is still dominated by caution. Based on the latest data, SOL’s Weighted Sentiment value stands at a negative -0.178. This reflects the uncertainty of cryptocurrency traders regarding the direction of the next price movement.

The large-scale sell-off by whales has made market sentiment fragile. Although there is a technical opportunity for a rebound, a change in price trend will most likely require an improvement in public sentiment. Confidence in Solana’s fundamentals needs to be strengthened so that price movements can be more stable.

Technical Indicators Indicate Rebound Potential

From a technical perspective, the Relative Strength Index (RSI) indicator for Solana is currently hovering around 35, indicating that SOL is approaching an oversold area. This condition is often an early signal for a possible price bounce in the short term.

In addition, the Moving Average Convergence Divergence (MACD) indicator also shows signs of an impending crossover. This occurs when the signal lines approach a convergence point, which is often the start of a momentum shift. While not yet a guarantee of a rise, this combination of indicators is an important concern for crypto traders.

Solana’s social activity has decreased, will it recover?

In addition to technical factors and whale movements, social aspects are also an important element in cryptocurrency price dynamics. Currently, social activity discussing Solana has significantly decreased. The data shows that the volume of conversations regarding SOL is only about 217 mentions, with social dominance dropping to a level of 4.81%.

This decline reflects that most retail market participants are waiting for clarity on the direction of price movements before becoming active again. However, in the crypto world, social sentiment can change quickly. If the price manages to break the resistance level above IDR2.04 million, it is likely that interest and attention to Solana could increase again.

Conclusion

The significant whale Solana (SOL) movement in recent days adds to the uncertainty in the cryptocurrency market. Although technical indicators point to a chance of price recovery in the short term, the still negative market sentiment and declining social activity pose a challenge. Crypto market participants need to remain vigilant and keep a close eye on key support and resistance levels to determine wiser trading strategies.

Also Read: Can Dogecoin (DOGE) Price Reach $100? Check out the Technical Analysis!

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Shubham Pandey/AMB Crypto. Solana whales move 71K SOL to Binance: Will $103 support finally give way?. Accessed April 11, 2025.
• Featured Image: Data Wallet