Tech

Solana Faces Big Sell Wall as Whale Activity Rises

2 hours ago
Bitcoin Ethereum News

Key Notes

  • A large $239 resistance zone has emerged as a critical barrier for SOL price.
  • A whale recently transferred $23.6 million in SOL to OKX, stoking selling concerns.
  • Institutional buying and 30% monthly gains keep long-term outlook firm.

Solana

SOL
$235.6



24h volatility:
1.3%


Market cap:
$127.97 B



Vol. 24h:
$7.80 B

traded nearly flat on September 17, brushing against a powerful resistance level near $239.

Popular crypto analyst Ali Martinez shared a Glassnode UTXO Realized Price Distribution chart, noting a heavy concentration of realized price activity at $238–$239.


This region has seen the largest amount of SOL changing hands, making it the “most important” sell wall for bulls to overcome, according to Martinez.

Meanwhile, on-chain tracker LookOnChain reported that a big whale recently moved 100,000 SOL, worth roughly $23.6 million to OKX exchange earlier today.

Such inflows to trading platforms often hint at possible near-term selling pressure, though they can also represent treasury rebalancing.

Institutions Back the Long Game

Despite fears of a near-term sell-off, Wall Street players continue to back Solana. The network has attracted billion-dollar commitments from funds seeking high-throughput blockchain exposure.

FalconX recently withdrew 413,075 SOL (worth around $98 million) from multiple exchanges, according to LookChain.

Pantera Capital founder Dan Morehead recently revealed that Solana is now his firm’s largest position, with $1.1 billion invested.

Analysts note that strong treasury inflows give Solana a durable long-term growth case even if short-term volatility remains high.

Institutional interest helped the cryptocurrency rebound from a brief dip to $230 on September 15 by buying the SOL dip.

At the time of writing, SOL is trading around $236 with minimal daily change, but posting a 30% gain over the past month.

SOL Price Outlook in Near-Term

On the daily chart, the SOL price is hovering below the Bollinger upper band near $249. A decisive close above this level would boost bull confidence but also signals potential overextension. The midline (20-day SMA) around $217 acts as strong support.

SOL price chart with RSI and Bollinger Bands. | Source: TradingView

SOL price chart with RSI and Bollinger Bands. | Source: TradingView

The 14-day RSI sits below the overbought threshold, suggesting room for further upside but with caution. A bullish breakout above $239-$240 could target $250.

However, if SOL fails to hold $230 support, traders might see a price pullback toward the mid Bollinger Band around $217 and the 50-day moving average around $200.

Wall Street Pepe (WEPE) Catches Fire as Solana Eyes Price Rally

As Solana eyes fresh price rally, a new contender in the meme coin scene is drawing serious attention: Wall Street Pepe (WEPE). The project blends the humor of the classic Pepe meme with the bold trading spirit of “The Wolf of Wall Street.”

Solana has become a key hub for meme coin launches, especially during the latest market upswing. Solana meme coin launchpad, Pump.fun (PUMP), has already generated more than 12.3 million tokens, underscoring the network’s dominance.

Holders of WEPE gain access to a private “Alpha Chat,” where members share trading strategies and market calls designed to spot high-impact opportunities.

WEPE aims to give everyday traders sharper market insights and a stronger voice in a space often dominated by big players.

WEPE Token Dynamics

WEPE’s structure introduces a cross-chain twist. For every WEPE (SOL) purchased, an equivalent dollar amount of WEPE (ETH) is burned from Ethereum’s

ETH
$4 498



24h volatility:
0.7%


Market cap:
$543.16 B



Vol. 24h:
$30.54 B

supply, gradually tightening availability.

At launch, this new Solana-based meme coin will remain pegged to the live price of its Ethereum counterpart, reducing the chance of sudden price swings or hidden spreads.

The project emphasizes community participation and transparent mechanics, aiming to give investors the tools to navigate markets more confidently. Ready to become a part of the WEPE family? Check out our guide on how to buy WEPE.

next

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Solana (SOL) News, Market News

Parth Dubey

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.

Parth Dubey on LinkedIn


Source: https://www.coinspeaker.com/solana-big-sell-wall-whales/