Solana (SOL) traders are witnessing rising volatility as a surge in whale exercise alerts lethal selling pressure in the market. Regardless of a robust rally above $250 earlier in September, market sentiment seems to be shifting, with whale deposits into centralized exchanges hinting at potential headwinds forward. Most lately, a staggering 312,233 SOL tokens had been deposited into Coinbase, fueling issues that whales could also be positioning for important profit-taking.
Solana Whale Deposits Sign Rising Promoting Stress
Blockchain tracker Whale Alert reported one of many largest Solana transfers in latest weeks, with 312,233 SOL valued at roughly $75.1 million, moved from an unknown pockets to Coinbase Institutional on September 21. The scale and timing of this large-scale switch instantly raised concerns that whales could possibly be positioned to promote.
Associated Studying
Earlier than this switch, Whale Alert had flagged one other large transaction of 227,928 SOL, price round $54.5 million, being funneled into Coinbase on the identical day. Collectively, these two deposits characterize greater than $129 million in Solana probably at stake of being offered off.
The implications of such strikes are important, as giant holders usually send tokens to exchanges with the intention to sell, finally including appreciable downward strain to the market. Notably, Solana’s price rally in September has been fueled by sturdy demand; nevertheless, these latest transfers elevate the chance of oversupply, notably because the token hovers round $224. If whales comply with via with the promoting, it may cap SOL’s bullish breakout try and drive the worth again to lower support zones.
Curiously, this isn’t the primary time Solana has confronted related whale-driven headwinds this month. Simply over per week in the past, blockchain analytics platform Lookonchain reported a number of whale dumpings into varied crypto exchanges. A pockets tagged “CMJiHu” deposited 96,996 SOL ($17.45 million) into Coinbase, whereas “5PjMxa” moved 91,890 SOL ($15.98 million) to Kraken. The identical day, one other pockets “HiN7sS” transferred 37,658 SOL ($6.73 million) to Binance, securing a revenue of $1.63 million. These earlier transfers, mixed with the newest inflows, present a sample of whales steadily reducing their exposure as market sentiment shifts.
SOL Momentum Weakens Underneath Heavy Promoting
Crypto analysts now view Solana as being at a pivotal crossroad, the place strong fundamentals conflict with mounting promoting strain and technical dangers. Market professional Tom Tucker notes that SOL has climbed greater than 150% in 2025, however its rally is displaying indicators of fatigue. The analyst’s chart reveals a rising wedge formation, typically a precursor to a breakdown, mixed with weakening momentum indicators.
Associated Studying
The Relative Strength Index (RSI) is narrowing right into a triangle, suggesting indecision, whereas the MACD has flattened after months of energy. This setup, when paired with heavy whale deposits into exchanges and rising promote strain, underscores the rising possibility of a short-term pullback.
But, the outlook shouldn’t be completely bearish. Tucker factors to optimism surrounding a possible Solana ETF, the upcoming Alpenglow upgrade, and regular treasury accumulation as basic drivers that might lengthen SOL’s long-term progress.
Featured picture from iStock, chart from Tradingview.com
Scott Matherson Read More
