Solana Plummets 7.5% After Whale Deposits $37 Million in SOL
Solana (https://holder.io/coins/sol/) has decreased by 7.5% in the last 24 hours, trading at approximately $116 after losing the critical support level of $124, previously tested six times this year.
The decline followed a whale depositing 312,000 SOL tokens (over $37 million) to Binance across four transactions. Key transactions included:
- 71,448 SOL ($8.54 million) transferred first
- 130,985 SOL ($15.5 million) deposited shortly after
- 112,646 SOL ($13.2 million) moved to Binance an hour ago
Current market cap for Solana is $59.48 billion. The price trades near the lower Bollinger Band, indicating potential oversold conditions. A rebound could target $120 to $124.91, while failure to regain support may prompt further declines towards $110 if it breaks below the psychological support level of $115.
Technical indicators show:
- RSI at 34.38, signaling weak momentum
- Bearish MACD with the line below the signal line
- Accumulation/Distribution index shows dominant selling pressure
Solana's value has dropped 38% over the past year, with Total Value Locked (TVL) decreasing by around 45% since late January. Criticism from Cardano founder Charles Hoskinson highlighted concerns over meme coin hype within Solana’s ecosystem, noting a 90% plunge in the combined price performance of top five Solana meme coins since the start of the year.