Solana (SOL) Price Breaks Below $85K Floor as Whale Moves Millions of SOL to Binance

The first week of April suddenly turned bearish for the crypto market after United States President Donald Trump announced new tariffs on various countries.

The first week of April had seen a return of bearish pressure in the crypto market after U.S. President Donald Trump announced new tariffs on various countries. As a result, the Bitcoin price broke below the $85,000 floor and resumed a correction trend in most major altcoins, including SOL.

The Solana price now stood at the doorstep of a multi-month support trendline, suggesting a potential breakdown amid whale selling.

Key Highlights:

SOL Faced Bearish Pressure As A Large Investor Unstaked And Moved Millions In SOL To Binance

By press time, the Solana price traded at $114 with an intraday loss of 2.56%. While the downtick followed a broader market uptick, the recent on-chain data had highlighted substantial whale selling, reinforcing the downtrend.

According to a recent tweet by Solid Intel, a large-scale investor had unstaked a staggering 315,079 SOL, valued at approximately $37.31 million, and deposited it into Binance over the past nine hours. Despite the significant deposit, the whale still maintained a notable position, holding 277,209 SOL, worth around $32.47 million, along with 40,930 hSOL (roughly $5.49 million).

This transaction may have indicated profit booking or a strategic move to reduce exposure in SOL in preparation for a further price fall. Historically, such whale transactions may accelerate market selling pressure and lead to prolonged price correction.

Solana Price Teases A Bearish Breakdown Below Multi-Month Support

An analysis of SOL’s daily chart showed a V-top reversal from $147.5 to $114, rendering a 22.5% fall. This new lower high formation closely followed the 20-day EMA slope, suggesting that the market continues to favor a sell-the-bounce sentiment.

Amid the global trade tension and whale selling pressure, the Solana price was less than 2% away from breaking through the multi-month support at $112. Coinciding closely with the 61.8% Fibonacci retracement level, this support had served as a major accumulation zone since March 2024.

A bearish breakdown below this floor would likely intensify market selling and push the Solana coin to the $80 mark. Conversely, if the buyers manage to keep the price above $112, it could indicate strong demand pressure, setting the stage for another reversal.