Key Insights:
- Whale wallets 4W1Ree and 5cPair sold over 149,000 SOL worth nearly $16 million within 24 hours.
- Solana price is trading near $100 and recently tested the 200-day weekly moving average at $94.94.
- SOL support at $100 is under pressure, with analysts eyeing $80–$83 as the next support zone.
Solana price is weakening amid a broader crypto downturn as whale wallets begin exiting their positions. Two major wallets, 4W1Ree and 5cPair, dumped more than 149,000 SOL worth over $16 million in the past 24 hours. At the time of writing, SOL price traded at $106.81, attempting to stay above $100.
The asset has already lost over 15% in the past 30 days and is down 63.68% from its $294.33 high in January 2025. Selling pressure and technical breakdowns are now placing the asset near a key decision zone.
Solana Price Patterns Reveal Expanding Volatility
Notably, Solana price is trending inside a broadening falling-channel pattern. The top altcoin was rejected at the upper boundary of this channel and dropped to a low of $95.16. On April 7, the price tested the 200-day weekly moving average at $94.94 before bouncing back. This zone is acting as a vital technical support for now.
Multiple long-range daily candles and rejection wicks show heavy volatility in both directions. While price remains above $100, the daily RSI is hovering near oversold conditions, signaling reduced momentum but not confirming a strong reversal. The pivot structure on the daily charts indicated that SOL price ranged between $115 and $94.29.
Consequently, the intraday trend remains sideways. For the bulls to stage a comeback, Solana price must reclaim the $112 critical zone. However, a bearish break below the $94 level threatens further downside movements. At the moment, the price is being compressed between declining resistance and horizontal support.
Whale Activity Indicates Reduced Confidence
According to LookOnchain, Whale wallet 4W1Ree unstaked 159,028 SOL tokens and sold 60,000 for $6.13 million at an average price of $102. Solana Whale 5cPair also offloaded 89,734 SOL worth $9.7 million, averaging $108. These transactions were made in one day, and the cash involved exceeded $ 16M.
Furthermore, OnChainLens data identified three whale wallets, potentially belonging to the same owner, who unstaked 168,498 SOL, worth $17.86 million. This huge outflow occurred over the last nearly two months, during which about $11.38 million was presumably lost in realized redemptions. The intensity and rate of such activities are evidence of the behavioral changes in the presence of whales.
Platform Pump.Fun took the selling trend to another level with 84,358 SOL tokens worth $9.3 million sold to Kraken. Since January, Pump.Fun has invested in 1.722 million SOL tokens worth $310 million and currently has 3.245 million SOL tokens valued at $360 million.
Market Structure at Risk Below $100 Support
Solana price dropped from $117.42 on April 3 to $105.42 on April 9. The $100 level, which was breached earlier, is being defended again by bulls. If this level is lost, analysts note the next support between $83 and $80.
Notably, the current market trend is a general trend affecting altcoins in the market. Solana’s recent pullback has now wiped out more than $72 billion in market capitalization. The downward move is losing steam, but a continuation of this trend could take the price below the big figure.
On the lower time frames, chart patterns exhibit greater selling pressure and diminished buying pressure. SOL price remains stuck between support at $94.29 and short-term resistance at $112. Any breakout above $115 must be accompanied by high volume to be sustained.
Analysts Highlight Recovery Criteria
Analyst Ted Pillows believed Solana price bounced from a long-term trendline that triggered a major rally in 2023. This trendline remains intact for now. Historical data shows this level preceded a 1000% increase.
More so, Ali Martinez’s analysis using the TD Sequential Indicator showed a buy signal on the weekly chart. He identified $95 as key support and highlighted $121 as resistance.
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.
