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Solana’s value plummeted as whales unstaked 139,000 SOL tokens, driving market fears of a potential sell-off and highlighting growing concerns about the cryptocurrency’s stability.
Solana Faces Significant Decline
The price of Solana has dropped significantly as whales started unstaking large sums of SOL tokens. Market volatility and negative trends have been worsened as a result of this. Because of the movement, some are worried about where the token's value will go from here.
Worries about the soundness of the asset were heightened after on-chain data tracker Lookonchain indicated that a whale had significantly withdrawn 139,000 SOL tokens. Market value for Solana fell precipitously, from recent highs of about $161 to present prices close to $137, coinciding with the movement.
Whale Withdrawals Continue
In addition, there is a trend of such large-scale unstakings that corresponds with price declines, thus this withdrawal series is not unique.
Big investors are seen cutting their holdings in reaction to poor market conditions, which is consistent with the whale activity that has been happening recently. Because of this, there has been an unexpected flood of SOL tokens into different exchanges, suggesting that people may be preparing to sell out their tokens.
Key Support Levels Broken
The price of Solana has been struggling to stay above technical support levels since the whale withdrew. According to the data, the price has broken past a significant resistance line, which has usually provided a lot of backing throughout bullish phases.
Further, crypto trading indications point to heightened selling pressure and the prospect of the present negative trend continuing. If we look at the daily Solana price chart and the Moving Average Convergence Divergence (MACD) line, we can see that it's below the signal line, which means that there is bearish momentum.
Selling Pressure Increases
Bullish bars are getting longer and longer on the histogram, which shows how far the MACD line is from the signal line. The selling pressure appears to be increasing based on this. Traders may be becoming more and more pessimistic about the short-term price prospects of Solana, as indicated by this bearish trend.
As we near the conclusion of the quarter, which usually ushers in more unpredictable price swings, the cryptocurrency market is undergoing a time of increased volatility, according to Coingape, on top of technical setbacks. Large whale withdrawals may have an even greater effect in this setting, which could cause further drops.
SOL $130 Support Level Approaching
Additional research indicates that the Solana token may encounter a possible level of support at $130, which corresponds to the Fibonacci retracement level of 0.236. In light of the recent drops in price, this level may prove to be pivotal.
Staking is essential for the network's security and transaction validation procedure, however whales' unstaking and possible selling could reduce the staking ratio. Potential new investors may be put off by a reduced staking ratio if they are worried about the network's sustainability in the long run.
Nevertheless, it must be remembered that Solana is still a significant participant in the blockchain industry. Their continuous advancements and project launches have the potential to stabilize the price down the road.
Positive Outlook for SOL Price
While the short-term effects may be negative, new research by CoinGape indicates that a turnaround may be possible in the long run. Analysts predict that SOL price might reach $150 if listings for liquid staking continue to rise.
Compared to one hour ago, the price of SOL has fallen 1.84 percent, to $137.19, as of this writing.
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