Solana Witnesses Significant Downturn as Bears Take Control

• At the time of writing, SOL is trading at $54.35, down 5.10% in the last 24 hours.
• If the price goes below the $51.7 support level then it will likely test the $44.6 mark.

After a large number of Solana (SOL) tokens were transferred to an exchange, worries of a sell-off have increased among the crypto community. Solana pricing after having an extensive bull run has been consistently trading under negative pressure, increasing fears of a major price drop before the year-end.

According to Whale Alert, there were three separate transactions involving roughly 2.1 million Solana (SOL) in the preceding 24 hours. First, 899,999 SOL worth $50,456,212 were moved between unknown wallets. 

In a separate transaction, 900,000 SOL worth a total of $50,465,194 were transferred between anonymous wallets. Then, 336,999 SOL worth $19,100,615 were transferred to the Coinbase exchange by an unidentified whale.

The latest Coin Shares report indicates that $346 million flowed into the cryptocurrency market last week. Inflows of $312 million worth of bitcoin were recorded, surpassing a total of $1.5 billion in 2023. Inflows into Ethereum reached $34 million last week, bringing the total for the last four weeks to $103 million. However, Solana inflows slowed and fell to $3.5 million.

Intense Selling Pressure

Bears repelled Solana’s bid to go beyond the $69 mark. Solana may try to reach new annual highs by aiming for $75 if the price breaks this level. At the time of writing, SOL is trading at $54.35, down 5.10% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 51.98%. 

If the price manages to go past the $58.8 resistance area then it will likely test the $62.6 level. Contrarily, if the price goes below the $51.7 support level then it will likely test the $44.6 mark.