Solana (SOL) is showing remarkable resilience at the $110 support level despite significant selling pressure from major holders. The cryptocurrency is currently trading at $114, posting a 7.6% daily gain amidst broader market uncertainty. This price action follows recent technical analysis suggesting potential upside to $120.
Whale Exodus: Major Holders Offload SOL Holdings
On-chain data reveals substantial selling activity from prominent Solana investors. A whale address identified as ‘4W1Ree’ has unstaked 159,028 SOL ($16.5M), with 60,000 SOL already sold at an average price of $102. Another significant holder, ‘5cPair’, liquidated 89,734 SOL for $9.7M at $108 per token.
Institutional Selling Pressure Mounts
Platform Pump.Fun has transferred 84,350 SOL ($9.3M) to Kraken exchange, continuing its significant disposal of holdings. Since January 2025, the platform has sold 1.72M SOL tokens worth $310M, retaining 3.24M SOL ($360M) in its reserves.
Technical Analysis Points to Potential Reversal
Despite the selling pressure, technical indicators suggest a possible trend reversal. The cryptocurrency is maintaining a falling-channel pattern with strong buyer intervention at $95.16. The RSI approaching oversold territory and a multi-year support trendline that previously triggered a 1,000% rally add to the bullish case.
Key Price Levels to Watch
According to analyst Ali Martinez, critical support lies at $95, with $120 representing the key resistance level for initiating a recovery. A successful break above could target $147, while a support breach risks a decline to $69.94.
Market Sentiment and Outlook
Polymarket data shows mixed sentiment, with 20% of participants expecting an $80 price point and 21% projecting $150 in April. The token currently trades between the center pivot at $114 and S1 pivot at $94.29.
FAQ Section
What is causing the current Solana sell-off?
Major holders and institutional platforms are taking profits and reducing exposure, with over $44M worth of SOL being sold in recent transactions.
Will Solana recover from current levels?
Technical indicators and historical support levels suggest potential for recovery, but maintaining the $95 support level is crucial for bullish momentum.
What are the key price targets for Solana?
Analysts identify $120 as immediate resistance, with potential for $147 on a breakout. Downside risk exists at $69.94 if support fails.