$10.7M Solana Sell-Off by Whale Triggers Market Jitters

Solana (SOL) is under pressure after a major whale offloaded 100,000 SOL — worth approximately $10.7 million — just 30 minutes ago, triggering heightened volatility. The wallet, which previously held 1.32 million SOL (around $192 million), had already raised concerns after unstaking all holdings 15 days ago and depositing 1.2 million SOL into Kamino to borrow $20 million in USDC.

This recent sell-off appears to be a partial loan repayment, a common risk management strategy, but one that often spooks markets. The timing is critical: Solana is attempting a fragile recovery and now hovers around $106, barely above the crucial $100 support level.

Technical indicators point to bearish momentum, with the 50-day and 200-day exponential moving averages trending downward. The Relative Strength Index (RSI) remains in oversold territory near 35, despite a slight bounce. A price drop below $100 could confirm further downside, potentially leading to a test of $90 or lower. On the upside, the $124 resistance zone — aligned with historical levels and key moving averages — is the next hurdle for bulls.

The sell-off was accompanied by a notable volume spike, possibly signaling institutional involvement. While Solana’s fundamentals remain strong, current market sentiment is fragile. The whale’s actions have sent a cautionary signal to traders, underscoring the importance of monitoring key support and resistance levels closely.

With short-term sentiment turning bearish and technical patterns confirming downward pressure, investors are urged to proceed with caution as the market digests this high-impact move. Despite long-term potential, Solana faces immediate headwinds that could define its near-term trajectory.