The post Solana price at risk? Whale dump $45.7 million worth SOL appeared on BitcoinEthereumNews.com.

Solana could drop by 11% to reach the $156 level if it falls below the $175 mark. Traders over-leveraged at $182.1 on the lower side and $193.2 on the upper side. Solana [SOL], the world’s fifth-largest cryptocurrency by market capitalization, appears to weaken day by day due to ongoing market uncertainty. Whale dumps $45.7 million worth of SOL Amid this market decline, the blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale had dumped a significant 246,064 SOL, worth $45.76 million, to Binance. As of now, the whale’s wallet address remains unknown, raising concerns among investors about a potential sell-off. Additionally, the significant dump on Binance occurred as the SOL price reached a crucial horizontal support level of $176 and the 200-day Exponential Moving Average (EMA). Solana’s technical analysis and key levels  This crucial support level is a make-or-break situation for SOL. Expert technical analysis shows that if the altcoin breaches the 200 EMA and closes a daily candle below $174.5, there is a strong possibility of an 11% drop. It could potentially reach the $156 level in the future. Source: TradingView Conversely, if SOL manages to hold above the 200 EMA, it could once again exhibit upside momentum toward the $220 mark. On-chain metrics mixed sentiment Analyzing the market sentiment and the technical outlook for SOL, investors and long-term holders appear to be dumping their holdings onto exchanges, as reported by the on-chain analytics firm Coinglass. Data from Spot Inflow/Outflow metrics reveal that exchanges have witnessed an outflow of over $61 million worth of SOL in the past 24 hours. The outflow in such a situation indicates a potential sell-off signal and has the potential to create selling pressure, leading to a further price decline in the altcoin. Major liquidation areas As of now,…

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Filed under: News - @ January 11, 2025 4:21 am