Whale’s Hunger Games: Solana’s Support Level Sinks 🐳📉

by

Oh dear, Solana SOL $113.6 has taken quite a tumble, plummeting 7.5% in the past 24 hours to trade at around $116. Imagine, losing your key $124 support level like it’s yesterday’s socks! 🚫🧦

Now, here’s where things get interesting. A whale 🐳 – and we’re talking about a crypto whale, not the aquatic kind – decided to deposit 312,000 SOL tokens, worth more than $37 million, into Binance. This was done in four separate transactions, suggesting someone might have a case of the sells. 😬

According to SolScan, our whale friend made the first move on April 3, transferring 71,448 SOL ($8.54 million) to Binance. Not content with just one go, a few hours later, another 130,985 SOL ($15.5 million) got the same treatment. 💸

The whale unstaked and deposited 130,985 $SOL($15.5M) to #Binance again.

— Lookonchain (@lookonchain) April 3, 2025

And just an hour ago, the whale added to its list of achievements by transferring an extra 112,646 SOL ($13.2 million) to the exchange. Talk about spreading the wealth…or not. 😅

SOL Price Outlook: Will It Float or Sink?

The SOL price drop has taken its toll on its market cap, now sitting at $59.48 billion. On the 4-hour chart, Solana is currently trading near the lower Bollinger Band at $116.93, a sign that it might be feeling a bit under the weather. 🤒

If it manages to bounce back, the price might aim for $120 to $124.91. But if it fails, well, it could be time for a downward spiral. Major resistance levels at $124.91 (20-day SMA) and $132.88 await. 📉

Source: TradingView

The Relative Strength Index (RSI) is at 34.38, indicating a weak momentum but not quite in the oversold territory yet. If it continues to fall, expect a deeper correction. 🌪️

Meanwhile, the MACD is having a bearish day, with its line below the signal line and a negative histogram. Breaking below $115 could send SOL tumbling towards $110, especially if the bears decide to stick around. 🐻…

Source: TradingView

The Accumulation/Distribution index suggests there’s a bit of buying happening, but selling pressure is still king, probably thanks to our whale’s antics. 🎣

Solana’s Struggles: Is There Light at the End of the Tunnel?

Solana has had a rough ride, with a 38% drop in value over the past year. Its Total Value Locked (TVL) has also seen better days, dropping by around 45% since late-January. 😕

Cardano founder Charles Hoskinson didn’t mince words when he criticized the meme coin-driven hype in Solana’s ecosystem. He described the network as “built to dump”. Ouch! 🙈

And to add insult to injury, the combined price performance of the top five Solana meme coins has plummeted by around 90% since the start of the year. Yikes! 😱

Read More

2025-04-03 18:32