Solana (SOL) has seen a pullback after facing selling pressure from a whale transaction. The recent dip has brought the token closer to a vital support zone and has caught attention from the crypto community. Analysts are closely following the situation since sustaining this level could trigger a possible rebound.
At press time, SOL is trading at $210.56, reflecting a 4.33% decline over the past 24 hours. The token’s daily trading volume stands at $22.15 billion, while its market capitalization holds steady at $114.72 billion.
Lookonchain on-chain data revealed that a wallet named Whale HsYrgw transferred the entire allocation of 113,207 SOL it held, valued at $23.65 million, onto centralized exchanges a little less than two hours back. If the whale sells, the move will cap a loss of about $1.81 million and fuel speculations whether this is a short-term selling or a redeployment of funds.
Adding to the market narrative, analyst BitGuru highlighted that Solana is trading at approximately $216 currently, off a sharp rejection from a recent high of $249.60. The retracement has sent the price back into a support zone of $212–$215 that everyone has their eyes fixed upon.
Analysts are speculating that if SOL remains at this price level, it could lead to yet another potential rally. One possible upside target of interest lies at $230, a resistance line that needs to be recaptured prior to the momentum turning yet once again back in the bulls’ favor.
For now, everything remains centred around the question of whether Solana maintains its key support band, or if whale activity creates more selling pressure during the coming sessions.
Also Read | New Solana Rally Incoming: SOL Could Hit $219 by September End
The RSI is at 26.80, which puts Solana firmly in oversold territory. Here, the MA Ribbon reveals stiff resistance above, and major levels are at 217.15, 222.99, and 233.38, making it more difficult for a comeback. It indicates buyers are unable to gain traction.
From the MACD, the signal line still holds at -5.99 and the MACD line at -0.99, with the indicator still in the negatives. Also, the bearish histogram shows remarkable selling dominance. This suggests the downtrend could continue until buyers arrive with volume.
Also Read | Solana’s Bullish Momentum: Can Key Support Levels Trigger a Powerful Rally?
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