Will Solana’s $170 support hold after Alameda unstakes $35M in SOL?
Whales and Alameda just shifted millions in SOL. Could $170 be the last stronghold before sharper declines?
Key Takeaways
SOL shows strong buyer support. But coordinated whale sell-offs and Alameda’s large unstaking signal growing distribution risk, putting $170 support in focus.
Solana [SOL] briefly slid to $173, shedding $15 million, before quickly rebounding — a show of buyer resilience.
However, historical trends warn that once SOL breaks resistance, it often faces swift capitulation. Could the current whale sell-offs be a precursor to such a shakeout?
Heavy whale selling pressure emerging
We’re ten days into August, and Solana’s relative weakness is pretty clear.
SOL can’t push past the $200 level, inching up just 1.07% so far this month, while Ethereum [ETH] is running away with a strong 15.75% gain in the same timeframe.
The gap gets even wider on the quarterly charts, with ETH delivering a massive 72% ROI compared to SOL’s much softer 12.8%. In fact, on-chain, whales are starting to offload, moving over 226k SOL to exchanges.
Notably, one big whale’s stash took a huge hit, dropping 71% in under two days, from $24 million down to $6.8 million.
That’s a massive $17.2 million worth of SOL sold, signaling serious selling pressure from a single player.
Technically, this move lined up with SOL dropping below $185, creating a solid supply wall. Plus, with whale sales averaging around $177, SOL’s recent 4% pullback is more than just a random dip.
The critical question now is whether this distribution signals waning bullish momentum, making $200 a tough target for now, or just a brief pause before SOL pushes higher.
Alameda’s SOL unstake raises stakes for bulls
At first glance, Solana’s 2.35% weekly pullback looks small compared to other assets, likely driven by a broader market risk-on rotation rather than anything specific to Solana.
However, deeper forces were at play. One Alameda Research wallet unstaked $35 million in SOL, locked since late 2020 when worth $350K — a 100x gain.
Still, SOL’s Net Position remains positive, supporting price consolidation above $170. That’s a notable divergence from previous risk-off periods, where Net Position flipped negative and capitulation set in.
The $170 line in the sand
This sets SOL at a critical inflection point. Buy-side depth hasn’t collapsed yet, but selling pressure is clearly building. The sync between large whale sell-offs and unstaking activity points to coordinated distribution.
If $170 doesn’t hold as support, expect increased downside risk, making Solana a must-watch for short-term momentum shifts.
