Solana Whales May be Looking to Sell $441M Worth of SOL, Will Price Crash?

One Solana whale may be looking to dump 2.8 million SOL, worth $441 million, after moving these tokens to Binance. This move comes as the Solana (SOL) price has crashed 18% over the past 10 days. Despite the potential selling pressure, Coinglass data reveals a bullish outlook due to consistent investor outflow noted in the last three weeks.

Amid these mixed signals, will Solana price crash as suggested by a rounding top pattern on the daily chart? Is the current level of demand sufficient to absorb a potential whale sell-off?

Are Whales Looking to Sell $441M SOL?

According to a recent X post by Whale Alert, 2.8 million SOL tokens have been transferred from an unknown wallet to the Binance exchange, creating concerns about a possible sell-off. The value of these tokens is equivalent to $441 million at the current Solana price.

A deep dive into on-chain data shows that the tokens likely came from a stake account funded by the Binance exchange three years ago. Moreover, these tokens have been transferred to a Binance cold wallet, suggesting a lack of intent to sell.

The transfer to a cold wallet may alleviate the bearish concerns that often come with such whale moves. Moreover, Solana’s inflow/outflow data from Coinglass shows that spot outflows have been notably high in the last three weeks. This indicates that investors are withdrawing tokens from exchanges.

As exchange outflows surge, it highlights high demand for Solana as most traders are holding and anticipate that the SOL price could rally. This demand may offset any possible sell-off from the transfer of 2.8 million Solana tokens to exchanges.

Solana Price Analysis as Rounding Top Emerges

While demand for Solana remains notably high, the daily price chart reveals the formation of a rounding top pattern that usually forms after a sustained uptrend to indicate that the market sentiment has shifted bearish, and a downside price move is now imminent.

In the last three days, Solana price has been attempting to hold support at the neckline of this bottom, which is at $156. If this support fails, Solana may crash to $130.

If this downtrend continues and SOL price falls below the next critical support level at $115, a downtrend below $100 may occur. This bearish thesis aligns with a recent Coingape analysis, which identified SOL’s double-top formation on a lower timeframe chart.

The RSI at 40 also shows that the momentum is bearish, and it continues to create lower lows as selling activity spikes. A similar outlook is seen with the AO histograms, which indicate bears are gaining strength.

Therefore, even if the recent $441 million whale move to Binance suggests that large addresses are not looking to sell, the daily chart shows that bearish trends are gaining strength. If Solana price fails to defend the support level at $156, it could crash to $130 in the near term.

For a more detailed Solana price prediction from 2025 to 2030 – Read This.

Solana Price Today

SOL trades at $153 at press time with a slight 0.8% gain in 24 hours. In just seven days, Solana has dropped by 13% after the crashing SOL/ETH ratio weakened last week’s rally that pushed the price to $178.

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muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.