Solana (SOL) Under Pressure: Whale Moves & Token Unlock Loom
The post Solana (SOL) Under Pressure: Whale Moves & Token Unlock Loom appeared on BitcoinEthereumNews.com.
A whale has staked $22.85M worth of Solana (SOL) in three days, highlighting large-scale market movements. Solana’s recent price struggles, tied to Bitcoin’s performance, present two contrasting scenarios for its future trajectory. Recent whale movements have drawn attention to Solana (SOL). According to Lookonchain data, a single wallet withdrew and staked 134,482 SOL (valued at $22.85M) from Binance over three days. These transactions are a strong indicator of trust within the Solana network during the current price volatility. Staking at this scale normally stabilizes the token supply, but market sentiment is heavily weighing on SOL with external forces. This whale withdrew another 47,154 $SOL($7.98M) from #Binance 10 hours ago and staked it. In the past 3 days, this whale has withdrawn a total of 134,482 $SOL($22.85M) from #Binance and staked it.https://t.co/jPXp5mjB5n pic.twitter.com/QBZZb1S9pJ — Lookonchain (@lookonchain) February 20, 2025 Currently, SOL is at a price of $173.22, down 11% over the last week. It is following a trend of a bearish overall market, with Bitcoin (BTC) also at the brink of key support levels. A technical analysis of SOL shows that it broke down lately out of a pennant formation, completing the supply area between $155 and $165. It is a strong support area at the moment. Two Scenarios Unfold for Solana Current market conditions indicate two possible directions that SOL can go. Firstly, if the range of $155–$165 is sustained, then SOL can find support and generate demand at key levels. Traders have pointed to levels of $195 and $230, where demand activity can gain strength to initiate an upward trend. Source: Binance Second, SOL could also face additional downward pressure if Bitcoin goes below its major support of $89K–$92K. In that instance, SOL could go below $150 with the area of $140 being a possible bottom. Token Holder Rewards…
Filed under: News - @ February 21, 2025 12:19 am