Solana (SOL) has recently experienced significant fluctuations with increased whale activity, strengthening the possibility of selling pressure. A large whale has removed approximately 134,902 SOL worth around $19.3 million from staking and placed sell orders for 135,000 SOL in the price range of $171 to $294. This action has added extra pressure on SOL’s price and raised concerns about large holders exiting the market. Whale activities can have a noticeable impact on short-term price trends. In the case of Solana, whales have distributed their orders in a wide price range instead of sudden selling, indicating a strategic approach to reduce price shocks. With this strategy, traders become cautious about price increases as they consider the possibility of further selling pressure. If demand cannot absorb this supply volume, SOL may face challenges in reclaiming resistance levels, especially $171. Following a relative improvement, SOL is currently trading around $148.5. In case of continued selling pressure, the next support level will be $130, and if this support is breached, the likelihood of further decline towards the psychological range of $100 exists. To resume the uptrend, SOL first needs to break the $167 resistance. However, the high volume of sell orders at $171 makes surpassing this level difficult and requires substantial demand. If buyers can absorb whale supply, SOL will have a chance to continue the uptrend. But a decrease in demand can bring additional downward pressure on the price. Therefore, investors should carefully monitor whale activities and trading volumes to predict Solana’s next move. On the real-time digital currency price page, you can monitor the prices of all tokens and cryptocurrencies live and instantly.
