- Solana tokens worth almost $39.1 million have been deposited to an exchange platform.
- SOL price is trading at $192.81, down by 4.21% over the past 24 hours.
- The closest support level for SOL is $185.51.
A whale wallet has deposited as many as 200k Solana tokens to an exchange platform. The move comes at a time when SOL price plummeted over 24 hours, and more broadly over 7 days. Deposit of Solana tokens to a platform has triggered liquidation fears among the community.
Solana Tokens Deposited, for Liquidation?
A whale wallet has reportedly deposited 200,000 Solana tokens. The wallet is believed to be linked to Galaxy Digital. The transaction was executed to deposit Solana tokens worth approximately $39.1 million to Coinbase. The move has sent signals that these tokens would soon be liquidated, considering SOL price has been continuously falling since the last couple of days.
Interestingly, it was earlier reported that $1.34 billion worth of SOL was purchased by Forward Industries. That brought the number of tokens to roughly 6,822,000, at an average price of around $232. The transaction, at that time, was undertaken with the assistance of Galaxy Digital over 5 days. Losses for Forward Industries are currently estimated to be approximately $245 million.
Constant Decline of SOL Price
SOL price is currently down by 4.21% over the past 24 hours, trading at $192.81. The 24-hour trading volume has surged by 39.04%. Ongoing SOL price movement further shows that it has plummeted by 19.63% in the last 7 days and by 5.53% in the last 30 days. Solana tokens did trade above $200, but it was a brief appearance that lasted for less than 2 hours.
Solana tokens hit an ATH of $294.33 on January 19, 2025, and an ATL of $0.502 on May 12, 2025. Current SOL price is down by 34.78% from its ATH, and is up by 37896.55% from its ATL. It was earlier reported that SOL price has hit oversold territory. The concern, at that time, was to know if it was the time to buy dips or not.
Support for SOL Price Bull Run
No one can precisely pinpoint the next move for Solana tokens, but the community is optimistic that the SOL price will surge by almost 4.05% in the next 30 days. That would take the token to a trading value of around $205.20. The majority of the Oscillator indicators are neutral amid the volatility of 4.05%.
The closest support and resistance levels are $185.51 and $205.71, respectively. Falling below the support margin could bring more declines, while reclaiming the high resistance could introduce a bull run.
Needless to say, the crypto market is volatile and subject to fluctuations. Thorough research and risk assessment are keys to crypto trading and investment. The contents of this article should not be taken in the context of recommendation or advice.
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Source: https://thenewscrypto.com/whale-wallet-deposits-200k-solana-tokens-to-exchange-as-sol-price-continues-to-plummet/
