After facing a rejection from the highs close to $300, the Solana price plunged and reached the lower ascending support. Unfortunately, the latest drop triggered by Trump’s Liberation Day dragged the Solana price below the support it held throughout 2024. The major support range remains in play, which keeps the bullish hopes alive. However, the latest rounds of whales turning bearish on Solana may hinder the progress of the rally, initiating a significant sell-off.
New data shared by a popular on-chain platform, Lookonchain, that reports interesting transfers within the markets shared similar data on Solana. As per the data, whales are dumping hard on Solana. A whale, ‘4WRee’ has unstaked nearly 160K SOL worth around $16.5 million and sold 60,000 SOL worth $6.13 million at base price at $102. On the other hand, another whale 5cPair sold nearly 89,734 SOL at $108.
The whales offloading $46.3 million worth of Solana could shake the market and boost volatility ahead of the U.S. jobs data. On the other hand, Pumpfun, the Solana-based crypto launchpad, has moved over 84,000 SOL to Kraken, bringing it to a total of 2,883,418 SOL to date with an average price of $189. This could be the reason why the SOL price is facing significant upward pressure.
The Solana price has reached one of the crucial support levels at the 200-day MA in the weekly chart for the first time in history. The bears are slowly gaining strength, which suggests the price may be adversely affected in the coming days. Currently, the price is trading around the threshold close to $100, somewhere around $105, and if it loses the range, it may suffer a 20% pullback.
As seen in the above chart, the SOL price dropped to the 200-day weekly MA at $94.94 and triggered a healthy rebound. Despite the rise, the token continues to face significant upward pressure, which keeps the bullish possibilities aloof. However, the CMF, which measures the flow of money in and out of an asset, dropped below 0 for the first time since March 2023. This is a sign of weakness in the market with a rise in selling pressure. A confirmation may validate a trend change, which may begin a fresh bearish case for the Solana (SOL) price rally.
Moreover, if the 200-day weekly MA is broken, the price may undergo a freefall below $80 and hit the ascending support, which may initiate a rebound. The intensity of the rebound may be completely dependent on the strength of the bulls.
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