$192,000,000 Solana (SOL) Whale Just Sold

A major whale recently offloaded a substantial amount of their holdings, causing Solana to see a lot of movement in the last few hours. Only 30 minutes ago, a wallet that had previously contained 1.32 million SOL, or roughly $192 million, sold 100,000 SOL, or roughly $10.7 million. The market was alarmed by the move, particularly since it coincided with the asset's fragile price recovery phase.

About 15 days ago, the whale unstaked all of their 1.32 million SOL holdings. They then deposited 1.2 million SOL into Kamino and borrowed $20 million in USDC against it. Due to its size and ramifications, today's sell-off most likely represents an attempt to partially repay that loan, a typical risk-management measure that regrettably tends to frighten markets. Solana is having trouble gaining traction after plunging into a critical support zone close to $100, according to the chart.

At about $106, the price is currently trading just above this threshold. The technical framework indicates that bearish momentum is still in control, as moving averages like the 50-day and 200-day EMA's are trending lower. The timing is what gives this move additional weight. The sell-off was accompanied by a spike in volume, which may have indicated institutional exits and confirmed significant market participation.

Solana is still in oversold territory, as indicated by the RSI, which has somewhat recovered but is still close to the 35 level. Important levels to keep an eye on right now are the resistance close to $124, which is in line with both historical resistance and a significant moving average and the immediate support at $100.

There is a chance for a recovery if SOL rises above this level with significant volume. But a further decline below $100 would be a bearish confirmation and might pave the way for a test of $90 or even lower. The $10.77 million sell-off by this whale is a warning sign for short-term sentiment. Despite Solana's continued fundamental strength, the present technical configuration and whale behavior emphasize the need for investors to exercise caution in the near future.

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