- Whale Moves $516M in SOL to Coinbase Prime: Five whales unstaked 5.52M SOL ($810M) and deposited $516M to Coinbase, sparking fears of a potential sell-off amid market uncertainty.
- Solana Faces Price Pressure from Token Unlocks: With $2.06B in SOL unlocking today and FTX distributing over $1B in tokens, increased liquidity could drive short-term volatility.
- Key Levels to Watch: If selling pressure intensifies, SOL could drop to $100 or even $70. If buyers step in, a breakout past $180 could lead to $200+ resistance tests.
Solana has been one of the most talked-about altcoins in recent weeks—price surges, high investor demand, and now, a sharp correction. But the latest development? A whale moved $516 million in SOL to Coinbase Prime, fueling concerns over a potential sell-off. With Solana already facing resistance, let’s break down the impact of this massive whale activity.
Whale Transfers Rattle Solana Investors—What’s Happening?
During the recent market downturn, Solana’s price plummeted to a multi-month low of $126.11. However, the asset bounced back by 15% in the last 24 hours, showing signs of recovery. Investors are now watching closely, with open interest surging to $4.63 billion, per Coinglass data.
That said, whale movements are raising red flags. Some big players bought the dip, like one whale who withdrew $14 million in SOL from Binance and staked it. But others seem to be cashing out, shifting large amounts of SOL onto exchanges.
Massive Whale Moves—$516M Sent to Coinbase Prime
On-chain data reveals that five whale accounts recently unstaked 5.52M SOL, worth $810 million, and moved $516 million to Coinbase Prime. This sparked speculation that whales may be preparing to dump their holdings.
This move could be:
- A profit-taking strategy following SOL’s recent bounce.
- A hedge against an upcoming downturn, as $2.06 billion worth of SOL unlocks today.
Either way, it’s raising questions about SOL’s near-term trajectory.
Solana Price Under Pressure—Will It Crash?
Solana’s price remains under pressure, struggling to maintain bullish momentum. The latest whale transactions suggest a sell-off may be looming, which could trigger downward pressure on the asset.
To add to this, FTX’s planned distribution will add 2.2% to SOL’s circulating supply—that’s over $1 billion in SOL tokens. With more unlocks coming in the months ahead, Solana’s liquidity could spike, increasing short-term volatility.
Despite these risks, trading volume is up 28% to $6.4 billion, and OI is surging, suggesting investors are still confident. However, whale timing remains unclear, meaning the impact of these moves could vary significantly.
Key Levels to Watch—Where’s SOL Headed?
At the time of writing, Solana is trading at $143.91, with a market cap of $72.98 billion. Key support and resistance levels are now in play:
- If selling pressure intensifies, SOL could fall to the critical $100 psychological level.
- In a worst-case scenario, SOL might drop as low as $70.
- On the bullish side, if buyers step in, SOL could surge toward $180.
- Key resistance levels to watch:Â $180.28, $201.47, and $206.75.
Bottom Line—What’s Next for Solana?
With the recent market crash, whale activity is at an all-time high—some are buying the dip, while others are cashing out big profits. The fact that five whales just deposited $516M worth of SOL to an exchange could spell short-term downside if they decide to sell.
Investors should keep an eye on whale movements, upcoming token unlocks, and critical support levels to better navigate SOL’s next move.
