Solana: Decoding impact of $17.55M whale move on SOL prices

• A crypto whale unstaked 120,197 SOL and moved it to Binance, flashing a clear bearish signal.
• Solana may only rally if it breaks consolidation and closes a daily candle above $154.

Amid rising volatility across the crypto market, Solana [SOL] avoided a deeper breakdown by holding above its $143.5 support, thanks to Bitcoin [BTC].

On the 6th of May, while the majority of cryptocurrencies were plunging, SOL briefly fell below this key support.

Market sentiment & current price momentum

However, a quick 3% surge in BTC’s price pushed the market into the green, allowing SOL to recover swiftly.

At the time of writing, SOL was up 2.75%, trading around $147.50 after hitting an intraday high of $149.50. Naturally, the quick rebound attracted attention, with trading volume surging 40% in the past 24 hours.

Crypto whale unstakes $17.55M in SOL, time to sell?

The current market sentiment and volatility appear to have awakened a Solana whale.

According to Onchain Lens, a whale unstaked 120,197 SOL worth $17.55 million and sent the funds to Binance.

Source: X

This notable amount of SOL was unstaked after being locked for six months. During the same period, the whale earned a reward of 3,802 SOL but still faced a loss of $7.8 million.

Of course, such large-scale unstaking, especially followed by a Binance transfer, often hints at an intent to sell. This could introduce short-term selling pressure and slow SOL’s upward movement.

Solana price action and upcoming levels 

According to AMBCrypto’s technical analysis, SOL appears to be consolidating in a tight range between $143.5 and $154 over the past two weeks, following a breakout above the key resistance level at $143.

Source: TradingView

Having said that, such sideways price action post-breakout is typically bullish. It often signals strength as the asset cools off before its next move.

If SOL breaks above $154, a 15% rally could follow, pushing the price toward the $180 mark.

On the flip side, a drop below $143.5 might trigger a fall to $132 in the short term.

Considering the recent volatility in the asset’s price, a prominent crypto expert noted on X (formerly Twitter) that $120 is the strongest historical support for SOL.

This zone has repeatedly triggered price reversals during market downturns. Naturally, if prices turn south again, $120 could offer a key “buy-the-dip” opportunity.