Solana Faces Selling Pressure After 312,233 SOL Deposit to Coinbase

Solana investors are experiencing increased volatility due to significant whale activity, indicating potential selling pressure. Recent whale deposits into Coinbase totaling 312,233 SOL (approximately $75.1 million) suggest possible profit-taking by large holders.

Key Points

Whale Alert reported a major transfer of 312,233 SOL valued at $75.1 million to Coinbase Institutional on September 21.
Another transaction involving 227,928 SOL ($54.5 million) was also flagged, totaling over $129 million in potential sales.
Such transfers typically add downward pressure to the market as whales often sell these tokens.
Previous whale dumpings occurred earlier this month, contributing to a pattern of reduced exposure as sentiment shifts.

SOL Momentum and Market Outlook

Analysts note Solana is at a crucial point where strong fundamentals face increasing sell pressure and technical risks.
The Relative Strength Index (RSI) suggests indecision, and the MACD indicates weakening momentum.
Despite current challenges, optimism remains for a potential Solana ETF, the Alpenglow upgrade, and treasury accumulation supporting long-term growth.

Solana

This combination of factors implies a short-term pullback is possible, yet fundamental developments may provide future growth opportunities.