Crypto Whale Moves $17.5M in SOL: A Potential Selling Signal Amid Market Volatility

A significant crypto whale has recently withdrawn $17.5 million worth of Solana (SOL), raising eyebrows in the market.

• A critical move saw a whale unstake 120,197 SOL and transfer it to Binance, signaling potential bearish trends.

• Many analysts believe that Solana could experience a rally if it manages to break the consolidation and close a daily candle above $154.

Amid escalating volatility in the crypto landscape, Solana [SOL] has steadfastly clung to its $143.5 support level, aided significantly by Bitcoin’s [BTC] recent performance.

On May 6th, amidst a broader market decline, SOL briefly dipped below this crucial support level.

Market Sentiment & Current Price Momentum

However, a rapid 3% rebound in Bitcoin’s price lifted the overall market, enabling SOL to recover quickly.

At present, SOL is trading up 2.75%, hovering around $147.50, after reaching an intraday high of $149.50. This swift recovery has drawn considerable interest, with trading volumes increasing by 40% in the last 24 hours.

Crypto Whale Unstakes $17.55M in SOL: Time to Sell?

The current market volatility has seemingly spurred action from a notable Solana whale.

Informed by data from Onchain Lens, it’s reported that a whale unstaked 120,197 SOL, amounting to $17.55 million, transferring these funds to Binance.

Source: X

This substantial amount of SOL was unstaked after six months, during which the whale accrued 3,802 SOL in rewards but incurred a loss of $7.8 million.

Such largescale unstaking accompanied by a transfer to Binance frequently points to a selling intent, which could apply short-term pressure on SOL’s price and impede its upward trajectory.

Solana Price Action and Upcoming Levels

According to the latest technical analysis from COINOTAG, SOL seems to be navigating within a narrow range between $143.5 and $154 over the past two weeks after breaking above the key resistance at $143.

Source: TradingView

This sideways movement following a breakout is typically seen as bullish; it often indicates that the asset is consolidating strength before another move.

If SOL manages to breach the $154 mark, a potential rally of around 15% could follow, driving the price toward the $180 threshold.

Conversely, a fall below $143.5 may lead to a decline towards $132 in the near term.

A notable cryptocurrency analyst recently highlighted on X (formerly Twitter) that the strongest historical support for SOL lies around $120.

This level has historically triggered price reversals during market downturns. If the prices decline further, the $120 area may present a critical “buy-the-dip” opportunity.

Conclusion

In summary, the recent activities surrounding Solana and its influential whale suggest a time of increased attention and action in the market. With current resistance at $154 and support at $143.5, traders should monitor these levels closely for potential trading opportunities. Remember, understanding market trends and whale movements can provide strategic insights.