SOL has dropped 7.5% in the past 24 hours, as a whale moved 312,000 SOL to Binance, triggering fears of a sell-off.
Solana SOL $117.4 24h volatility: 14.4% Market cap: $60.61 B Vol. 24h: $8.08 B 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, hinting at a possible sell-off.
As per the data by SolScan, 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).
The whale unstaked and deposited 130,985 $SOL($15.5M) to #Binance again.https://t.co/4DADgo1KZB pic.twitter.com/U2aHTEgVQf
— 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.
Source: TradingView
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.
Source: TradingView
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 facing a rough patch, with a 38% value drop over the past year. The network’s Total Value Locked (TVL) has dropped by around 45% since late-January.
Earlier this week, Cardano founder Charles Hoskinson criticized the meme coin-driven hype within Solana’s ecosystem. He described the network as one that is “built to dump”.
Notably, combined price performance of top five Solana meme coins has plunged by around 90% since year-start.
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