Solana Whales Dump $516M—Is a $100 Crash Inevitable?

Key Insights:

• Solana whales unstaked 5.52M SOL, moving $516M to Coinbase, sparking sell-off fears.
• SOL price broke key support, risking a drop to $100 or lower.
• FTX’s $1B token unlock adds selling pressure, increasing downside risks for SOL.

SOL price faces massive selling pressure after Solana whales unstaked 5.52 million SOL worth $810 million, with $516 million of that deposited into Coinbase Prime. The move has sparked speculation about a potential sell-off, especially as SOL breaks a crucial technical support level. With fears of further downside, traders are closely watching whether SOL will plunge below $100 in the coming days.

Solana Whales Move $516M SOL to Coinbase—Sell-Off Incoming?

On-chain data from Lookonchain revealed that five large Solana accounts unstaked 5.52 million SOL, with nearly half of that heading to Coinbase Prime. Such moves often signal intent to sell, especially when combined with broader market volatility.

In the past 12 hours, 5 whale accounts unstaked 5.52M $SOL($810M).

And 3.54M $SOL($516M) was deposited into Coinbase Prime. pic.twitter.com/bJDOe5AyG9

— Lookonchain (@lookonchain) March 1, 2025

In the past 12 hours, 5 whale accounts unstaked 5.52M $SOL($810M).

And 3.54M $SOL($516M) was deposited into Coinbase Prime. pic.twitter.com/bJDOe5AyG9

— Lookonchain (@lookonchain) March 1, 2025

Earlier in the month, a whale withdrew $14 million worth of SOL from Binance, presumably to stake and hold. However, the latest transactions indicate that major holders are now offloading their holdings, putting downward pressure on price.

This aligns with concerns over Solana’s upcoming $2.06 billion token unlock, which will increase the circulating supply and add further selling pressure.

Solana Price Breaks Key Support—Will $100 Hold?

From a technical perspective, Solana price has officially broken down from its multi-month ascending channel, confirming a bearish trend shift. The recent drop pushed SOL below the 50-week EMA at $167.81, a key support level previously held during corrections.

The Fibonacci retracement levels indicate the price below the 0.618 retracement level of $205.73, a critical zone where traders typically expect support. With the breakdown already in motion, the next major support rests near the 200-week EMA at $97.96, aligning with the psychological $100 level.

Adding to the bearish outlook, the RSI has dipped to 41.18, signaling weakening momentum. If selling pressure continues, the $100 support could be tested in the coming weeks. However, if bulls manage to reclaim the $167–$170 range, a short-term recovery could follow, targeting the $200-$205 zone as resistance.

FTX Unlock and Liquidity Surge—More Trouble Ahead?

The broader risks for Solana are whale movements and the upcoming FTX liquidation event. The collapsed exchange is set to release $1 billion worth of SOL into the market, increasing the available supply by 2.2%.

At the same time, open interest on Coinglass stands at $4.63 billion, showing traders are still active. Trading volume jumped 28% to $6.4 billion, meaning volatility is rising.

If buyers step in, Solana price could reclaim $180 or $200. But if selling pressure mounts, a drop to $100 or lower remains on the table.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.