Solana's $210 Support Tested by Whale Sales and SEC Delays

Solana’s price has come under pressure amid significant whale activity and regulatory uncertainties, with the cryptocurrency trading near critical support levels. Whale movements have intensified selling pressure, as institutional investors and large holders transferred over $836 million in SOL to exchanges on September 21, with the bulk of these flows directed to Binance and Coinbase InstitutionalSolana price forecast: $210 in view as whales move $836M to exchanges^[1]. This activity, involving more than 2.5 million tokens, has exacerbated downward momentum, pushing Solana’s price to approximately $219 after a 7% weekly decline. The $210–$212 range has emerged as a pivotal support zone, with a breach likely to trigger a retest of the $200 psychological levelSolana price forecast: $210 in view as whales move $836M to exchanges^[1].

The regulatory environment has further clouded market sentiment. The U.S. Securities and Exchange Commission (SEC) has delayed decisions on multiple Solana ETF applications, including those from Grayscale, until October 16Solana price forecast: $210 in view as whales move $836M to exchanges^[1]. While analysts estimate approval odds remain above 90%, the extended timeline has dampened speculative demand, historically linked to sharp corrections during ETF delays. The uncertainty contrasts with earlier optimism that Solana could challenge the $300 level in the medium termSolana price forecast: $210 in view as whales move $836M to exchanges^[1].

Technical indicators reinforce a fragile outlook. Solana’s price has failed to hold above the $220 level, breaking below its 30-day moving average and facing repeated rejections near $240Solana price forecast: $210 in view as whales move $836M to exchanges^[1]. The DMI indicator has turned negative, with the ADX reading at 30, signaling stronger bearish momentum. The MACD histogram has also turned bearish, while the RSI remains neutral at 48, indicating weak buying conviction. Historical patterns suggest a similar technical alignment preceded a 62% rebound from $126 in past cyclesSolana price forecast: $210 in view as whales move $836M to exchanges^[1].

Whale accumulation efforts, however, hint at potential bullish scenarios. A large whale, “HsYrgw,” recently purchased $2.75 million worth of SOL, following a $16 million acquisition just weeks earlierSolana Price Prediction: What’s Next For SOL As Whales Add Millions^[2]. Analysts view such buying as a precursor to price gains, as large holders typically accumulate during periods of anticipated long-term appreciation. Additionally, Solana’s Total Value Locked (TVL) in DeFi has surged by 5.39% in 24 hours, reaching $12.14 billion, reflecting growing ecosystem activitySolana Price Forecast: SOL Eyes 15% Breakout as Whale Accumulation Spikes^[3].

Diverging market narratives have emerged. While bearish signals dominate, some analysts argue that Solana’s fundamentals remain intact. The $210–$212 support zone has historically acted as a rebound springboard, with upside targets at $248, $270, and even $325 if buyers step inSolana price forecast: $210 in view as whales move $836M to exchanges^[1]. Institutional exposure from firms like Galaxy Digital and Pantera Capital, holding billions in SOL, underscores long-term confidence. However, immediate risks persist, with network activity declining—daily active addresses fell by 27% to 1.9 million in a week—and social sentiment turning negativeSolana price forecast: $210 in view as whales move $836M to exchanges^[1].

Market watchers will closely monitor ETF developments and network growth as potential catalysts for recovery. A successful defense of the $210 level could reignite bullish momentum, while a breakdown toward $200 would likely deepen the correction. The interplay between whale-driven selling, regulatory timelines, and on-chain activity will determine Solana’s near-term trajectory.