Solana's Price Slides Amid Intense Market Volatility and Whale Activity

Solana (SOL) price analysis shows that SOL is still bearish and has lost 12% of its value in the last one week and is currently trading at $141.28. This recent price movement is in line with the general market trend of bearishness.

Solana SOL has experienced a 5.0% decrease in the last 24 hours alone due to massive whale transactions and reduced trading volume. Whale Alert also noted that more than $372 million in Solana was traded today, which could be due to a reshuffling of tokens among large wallets or profit taking. These massive movements included a transfer of 1,000,000 SOL, which is equivalent to approximately $147.85 million to a new unidentified wallet, and then another large transfer of 1,519,488 SOL, which is approximately $224.64 million.

Market analysts pay particular attention to these whale transactions as they can signal future volatility or changes in the asset ownership of large investors. Solana’s current price is hovering at $147. 73, which is slightly higher than the lowest point reached today.

Solana to Fall Lower?

Other technical factors also point to a difficult period for Solana. SOL has failed to hold above the crucial support of $153 and is now struggling to stay above the next major support of $132. However, this level could be a sort of support level that would prevent the price from falling further in the context of the prevailing bearish sentiment.

Solana (SOL) has been struggling in the crypto market this week as shown in the 4-hour trading chart. The price of SOL is currently below all the key EMAs such as the 20, 50, 100, and 200 periods, which indicates bearish pressure. In particular, the recent price movement has failed to move above the 20-EMA at $147. 72, which indicates that there is no buying pressure.