Solana (SOL) Price Plunges 7.5% as Whale Deposits 312,000 Tokens to Binance

The recent drop follows a whale depositing 300,00 SOL tokens, worth over $37 million, to Binance in four separate transactions, hinting at a possible sell-off.

Solana (SOL) has tumbled below a key support level as a large whale is spotted transferring a huge amount of SOL tokens to Binance, hinting at a possibility of more downsides for the world’s seventh-largest cryptocurrency.

Key Solana price levels to watch: $110, $115, $120

Solana has plunged 7.5% in the past 24 hours to trade at around $116 at the time of writing. The cryptocurrency has lost its key $124 support level, a price it has tested six times over the past year.

The sudden drop follows a whale depositing 312,000 SOL tokens, worth over $37 million, to Binance in four separate transactions.

The whale made the first transaction earlier on April 3, unstaking and transferring 71,448 SOL ($8.54 million) to Binance. A few hours later, it unstaked and deposited another 130,985 SOL ($15.5 million).

Unstaking and transferring 130,985 $SOL($15.5M) to #Binance again. pic.twitter.com/4DADgo1KZB

— Lookonchain (@lookonchain) April 3, 2025

Just an hour ago, the same entity unstaked and transferred an additional 112,646 SOL ($13.2 million) to the exchange.

SOL Price Outlook

The recent SOL price drop has also hit its market cap, now standing at $59.48 billion.

On the 4-hour chart, Solana is currently trading near the lower Bollinger Band at $116.93, which often indicates oversold conditions. A rebound from this level could see the price targeting $120 to $124.91. However, a failure to regain support could lead to further declines. Middle band at $124.91 (20-day SMA) and upper band at $132.88 acts as major resistance levels.

Solana price chart 4-hour

The Relative Strength Index (RSI) sits at 34.38, signaling weak momentum but not yet fully oversold. If RSI falls further, a deeper correction could follow.

Meanwhile, MACD remains bearish, with its line below the signal line and a negative histogram. If the price breaks below $115 (psychological support level), SOL could tumble toward $110, especially if the bearish trend persists.

The Accumulation/Distribution index suggests that while some buyers are stepping in, selling pressure remains dominant, possibly due to the whale transactions.

Solana’s Struggles Continue

Solana has been struggling, with its price dropping by 38% over the past year. The network’s Total Value Locked (TVL) has also decreased by around 45% since late-January.

Earlier this week, Cardano founder Charles Hoskinson criticized the meme coin-driven hype within Solana’s ecosystem, describing the network as one that is “built to dump”.

It is worth noting that the combined price performance of top five Solana meme coins has seen a massive decline of 90% since the beginning of the year.

The post Solana drops below key support as whale moves 312,000 SOL to Binance appeared first on Chain Edge.

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute part of any investment advice or other services provided by, and no part of any communication, available on or through this site, is intended to be and may not be used for the purpose of any investment decision or other decision.output: A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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