Solana (SOL) Price Drops 5% to $197.29 Following a $20 Million Whale Transaction on the Kraken Exchange

The transfer of 98,594 SOL tokens, valued at $20.49 million, occurred at 1:04 UTC+8. The event spurred heightened market activity, reflected in a 51.48% increase in trading volume over the last 24 hours, although the overall sentiment remains bearish.

A large cryptocurrency transaction was observed on Monday, March 27, involving the transfer of 98,594 Solana (SOL) tokens, valued at $20.49 million, from a wallet belonging to Pump Fun.n entity. The transaction was carried out on the Kraken exchange at 01:04 UTC+8.

This transfer had a significant impact on the price of Solana, which began the day at around $208 and gradually declined. It touched a session low of $194 and then recovered to $197.29 by the close of the day. This decline is attributed to the large deals and the ensuing investor panic that has characterized the market.

Solana’s price illustrates some essential support and resistance levels that are likely to define its near-term trend.

Initial support is the $194 intraday low. If this level gives way, then the next key support is at $190, which also presents a round-number resistance to the downside. A pullback below $190 may result in more selling pressure, and the price may decline further.

To the upside, Solana must break through the $200 psychological level to change the tide for the bears. Above this level, we have the $208 level, which was the starting price of the token for the day – this is a very important resistance level. This means that should the price pierce through these levels it would suggest a potential reversal and therefore a buy signal.