Solana (SOL) Whale Dumps 108688 SOL for $12.2 million in USDC

A Solana (SOL) whale liquidated 108688 SOL for $12.2 million in USD Coin (USDC) at $112.3 per token, almost matching the day's lowest price.

A Solana (SOL) whale liquidated 108,688 SOL for $12.2 million in USD Coin (USDC) at $112.3 per token, almost touching the day’s lowest price.

The move, which resulted in a staggering $7.48 million loss for the whale, saw the tokens being sold on Coinbase Pro at around 03:30 Coordinated Universal Time (UTC).

The whale had initially withdrawn these tokens from Coinbase 11 months earlier when SOL traded at $181.

The sale comes amid broader market uncertainty as Solana’s price fluctuated. The asset, known for its speed and low transaction fees, briefly dipped to $113—the lowest level in over a year—before rebounding to $123.

Solana Battles Key Levels as Market Struggles

SOL’s price action remains volatile despite reclaiming $123. The asset, currently the sixth-largest cryptocurrency with a market capitalization of $63.3 billion, saw a 24-hour trading volume surge of 48.6% to $6.3 billion, according to CoinMarketCap.

This suggests renewed interest in the token, but analysts warn that key technical levels are still in play. A potential ‘death cross’—where the 50-day moving average crosses below the 200-day moving average in a bearish chart pattern—is forming.

Historically, Solana’s last death cross in September 2024 preceded a rally to $294 within two months. If this trend repeats, a rebound could follow, though broader market conditions remain uncertain.

SOL Price Falls Below Realized Price, Raising Bearish Concerns

According to Glassnode data, on March 11, SOL fell below its realized price of $134 for the first time in almost three years.

The realized price, which represents the average purchase price of all Solana tokens in circulation, is a critical technical indicator. When an asset trades below this level, it signals that many holders are at a loss, potentially increasing the pressure for further selling.

The last time SOL breached this price point was in March 2022, which coincided with the beginning of a prolonged downtrend. Although the asset eventually recovered to new highs in November 2023, similar breaches in 2020 and 2022 led to months of price weakness before any recovery commenced.

Further complicating matters, Solana’s on-chain revenue and total value locked (TVL) have plummeted.

DefiLlama data reveals that Solana’s network revenue has collapsed by 93% since January, falling from a record of $55.3 million to just $4 million last week. TVL has also declined significantly, decreasing by 50% over the same period, dropping from over $12 billion to $6.4 billion.

Memecoin Mania Fades, Weakening Solana’s Ecosystem

Solana’s recent price turbulence comes as memecoin trading—once the blockchain’s primary revenue driver—declines sharply.

The platform’s memecoin frenzy peaked in January, fueled by the launch of tokens tied to former President Donald Trump and his wife Melania.

According to VanEck, memecoin trading accounted for nearly 80% of Solana’s revenues at its peak. However, since Trump’s TRUMP token and MELANIA coin launched, both have collapsed, with TRUMP falling 86% from its peak and MELANIA plummeting 95%.

Daily revenue on Pump.fun, Solana’s top memecoin trading platform, decreased by 95% from $15 million in January to just $800,000 in early March, as per Dune Analytics.

As memecoin trading slows, Solana’s reliance on this revenue stream is becoming more apparent.

With Solana’s on-chain fundamentals weakening and technical risks increasing, traders are closely monitoring key price levels. The descending channel in SOL’s price action has resistance at $134 and $130, while support levels lie at $120 and $115.

If SOL manages to hold above $120 and then breaks past $128 with strong volume, it could pave the way for a rally toward $134. However, failure to maintain these levels could result in further downside pressure, especially if broader market conditions remain shaky.

Key Highlights:

* A Solana (SOL) whale liquidated 108,688 SOL for $12.2 million in USD Coin (USDC) at approximately $112.3 per token on Friday, nearly touching the day’s lowest price.

* The move, which resulted in a staggering $7.48 million loss for the whale, saw the tokens being sold on Coinbase Pro at around