Solana Defies Market Fear, Surges 7.6% Despite Whale Offloading

Solana has managed to maintain its position above the crucial $110 price level despite significant offloading of tokens by major investors. Currently trading at $114, the cryptocurrency has seen a daily increase of 7.6%, defying the broader market sentiment of fear in the altcoin sector.

Several key Solana holders have expressed skepticism about the token's near-term prospects. Blockchain analytics reveal that a whale, identified as “4W1Ree,” unstaked 159,028 SOL tokens worth $16.5 million. The investor subsequently sold 60,000 of these tokens for $6.13 million at an average price of $102. Another significant holder, “5cPair,” offloaded nearly 90,000 SOL tokens, amounting to approximately $9.7 million, at an average price of $108. Additionally, three interconnected wallets unstaked 168,498 SOL worth $17.86 million after holding them for two months, resulting in an $11.38 million loss on their investment.

The selling pressure is not confined to individual traders. Recent transactions show that the Pump.Fun platform transferred 84,350 SOL tokens, valued at $9.3 million, to the Kraken exchange. Since January 2025, the platform has offloaded a total of 1.72 million SOL tokens worth $310 million to exchanges. Currently, Pump.Fun holds 3.24 million SOL tokens, valued at around $360 million at current prices.

Despite the intense selling, some analysts remain optimistic about Solana's price trend. The cryptocurrency is following a growing falling-channel pattern on day charts. The recent decline reached a low of $95.16 on April 7, but buyers quickly intervened to push the price back above $100. The Relative Strength Index (RSI) is now nearing oversold levels, suggesting a potential bounce. Some analysts believe that Solana has bounced off a multi-year support trendline, which previously triggered a 1,000% surge in Q3 2023.

Market observers have identified key price levels that will determine Solana's next direction. Analyst Ali Martinez notes that the TD sequential indicator has issued a buy signal on SOL’s weekly chart. For a significant recovery, Solana needs to hold above $95 and break above $120. If these levels are maintained, Solana could target $147 in the near future. However, if the $95 support fails, prices could plummet towards $69.94. Currently, Solana is trading between the center pivot level of $114 and the S1 pivot level of $94.29. Prediction site Polymarket indicates mixed sentiment, with 20% of participants expecting SOL to fall to $80 in April, and 21% predicting it will reach $150.