Whales Dump $516M SOL on Coinbase, Sparking Price Crash Fears

Solana Whales Move $516M Tokens to Exchange, Sparking Price Crash Fears

Solana (SOL), a high-demand cryptocurrency known for its price rallies and recent market downturns, has seen a significant move by whales that could impact its price. A total of $516 million worth of SOL tokens were transferred to the coinbase Prime exchange, raising concerns about a potential sell-off.

Whale activity has been a significant factor in the Solana market, with on-chain data revealing large transactions involving the movement of SOL tokens. Five whale accounts unstaked 5.52 million SOL, worth approximately $810 million, and deposited $516 million to the Coinbase Prime exchange. This move could indicate that major whales are looking to offload their holdings, either to take profit or hedge against a potential downturn.

The Solana price is currently under pressure, with the recent whale transactions suggesting a potential sell-off. The selling pressure could build as the SOL price struggles to recover, potentially leading to further declines. Additionally, the upcoming FTX distribution, which will add 2.2% supply to the Solana network, could introduce further downward pressure on the price in the short term.

Despite the potential selling pressure, the Solana price has shown signs of recovery, with a 15% increase over the last 24 hours. The trading volume has also surged, reaching $6.4 billion, indicating that investors are building confidence in the token. However, the impact of the whale sell-off remains uncertain, as it is unclear when they will decide to sell their holdings.

The Solana price is currently hovering around crucial support levels, trading at $143.91 with a market capitalization of $72.98 billion. If the selling pressure intensifies, the price could drop to the $100 psychological level or even lower, to $70 in the worst-case scenario. Conversely, if buyers step in, the price could surge to $180. Key resistance levels to watch include $180.28, $201.47, and $206.75.

Investors should monitor the whale movement, SOL token unlocks, and key support levels to make better Solana price prediction analysis. The recent market crash has put whale activity in the spotlight