Solana (SOL) Defends $155 Support, a Trend Reversal Soon?

A major whale sold 357,070 SOL (worth $58.54 million), contributing to this Solana price decline and reducing Solana's market cap by more than $8 billion over the past week.

A “smart whale” has been offloading substantial amounts of Solana (SOL) over the past few weeks, contributing to the token’s price decline.

According to the latest data from Lookonchain, a high-profile “smart whale” recently sold 92,000 Solana (SOL) tokens. At the current price, this block activity is valued at $14.58 million.

Whale Offloads More SOL Tokens

As Blockware Solutions previously reported on November 1, the whale sold 265,000 SOL tokens, valued at $43.96 million. Together with the latest transaction, the whale has now offloaded a total of 357,070 SOL, worth around $58.54 million.

Currently, the whale’s holdings include 52,089 JitoSOL tokens (valued at $9.46 million) and 126,548 SOL (valued at $20.05 million). Notably, the whale also holds 100,000 LIQ tokens, valued at $13.16 million.

Solana Price Sees Selling Pressure

Solana (SOL) has faced significant selling pressure over the past week, dropping over 12% and losing more than $8 billion of its market cap, which now stands at around $76 billion.

This selling comes as SOL attempts to recover from being rejected at $185 last week. The token is now trading around $162, down from its local peak.

Solana (SOL) Price Chart - 24 Hour Price Movements - SOL/USD Chart

Solana (SOL) Price Chart - 24 Hour Price Movements - SOL/USD Chart Solana (SOL) Price Chart - 24 Hour Price Movements - SOL/USD Chart

Solana’s on-chain transfer volume also reached a record $224 billion in a single day, which is nearly three times the token’s entire market cap of $76 billion.

According to blockchain analytics firm Glassnode, this activity spike was largely attributed to a high-frequency wallet, believed to be an arbitrage bot, utilizing multiple accounts. The wallet’s increased activity began in early October, likely contributing to recent fee hikes that have been a topic of discussion within the community.

Solana (SOL) On-Chain Transfer Volume Spikes to $224 Billion - Glassnode Chart

Solana (SOL) On-Chain Transfer Volume Spikes to $224 Billion - Glassnode Chart Solana (SOL) On-Chain Transfer Volume Spikes to $224 Billion - Glassnode Chart

As noted by Glassnode, “One high-frequency wallet (likely an arbitrage bot) is responsible for a large portion of this activity, which began ramping up in early October. This activity is contributing to recent fee hikes, which have been a topic of discussion within the community.”

SOL Price Analysis: Key Levels to Watch

Earlier today, Solana price bounced back from the crucial support levels of $155 and is once again trading 1% up at $162.14 with a market cap of $76.35 billion. Following this bounce back, popular crypto trader IncomeSharks closed his short position for SOL.

Some of the other market analysts also predict that the SOL price could soon rally to $200. An analyst predicts that Solana is on the brink of a breakout, particularly if Bitcoin manages to surpass its all-time high (ATH). Such a move could spark strong bullish momentum, positioning Solana for a fresh growth phase in the crypto market.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.