Whale Activity Could Pull Solana’s (SOL) Price Down to $47.60

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Whale Activity Could Pull Solana’s (SOL) Price Down to $47.60
  • Lookonchain shared that two whales deposited massive amounts of SOL to Binance.
  • In just the past 24 hours, SOL’s price dropped by over 10%, which left it trading at $59.11.
  • Should traders manage to pull SOL’s price below $56.95, the altcoin’s price could fall to the subsequent mark of $47.60.

Lookonchain reported on X that two whales deposited massive amounts of Solana (SOL) to exchanges. First, a whale unstaked 505,034 SOL, worth $31.7 million, after which he deposited 505,000 tokens to Binance. This whale still has about 2.9 million SOL staked, according to the post.

Just a few hours later, another whale unstaked 2.16 million SOL, worth $128 million, and transferred 1.3 million tokens. Out of the unstaked tokens, the whale deposited 312,868 SOL to Binance. The deposited SOL was worth approximately $18.56 million. Lookonchain also revealed that the whale still holds 863,000 SOL in a wallet and 9.86 million SOL tokens in staking.

One or both of these whales could have decided to lighten their pockets by selling some of their SOL holdings as the altcoin’s price took a more than 10% plunge over the past day of trading. At press time, SOL was trading at $59.11 after setting a low price of $56.81.

The token’s intraday volume also took a 3% knock since yesterday, which caused it to drop to $3,957,467,644. Its latest stumble also caused SOL to weaken against Bitcoin (BTC) by 5.60%.

Daily chart for SOL/USDT (Source: TradingView)

SOL was rejected by the $68.85 resistance level over the past 48 hours, causing it to correct down to the closest support level at $56.95. At press time, the Ethereum-killer token was at risk of falling below this key support level. Should traders manage to pull SOL’s price below $56.95, it could continue to fall to the subsequent mark at $47.60 in the following few days.

This bearish thesis may be invalidated if SOL closes the next 2 daily candles above $56.95. Thereafter, traders may start to buy into the altcoin to potentially push its price up to $68.85.

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