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Why Solana is in danger of falling below $130

2min Read

Solana’s recent price movement has presented a profit-taking opportunity for some holders.

Why Solana is in danger of falling below $130

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  • Close to 80K SOL tokens have recently moved to an exchange.
  • SOL has moved to its highest point since 2022.

Solana [SOL] has recently witnessed price surges, reaching levels reminiscent of 2022.

Capitalizing on this newfound uptrend, a substantial amount of SOL was transferred by a whale to an exchange, presumably for sale.

How does the volume associated with this whale movement compare to the daily trading volume recorded in the past 24 hours?

Solana whale eyes profit

As per a Whale Alert tweet dated the 2nd of March, a Solana whale was strategically positioning itself for profit-taking.

The unidentified wallet transferred 79,983 SOL, equivalent to nearly $10.3 million, to the Coinbase exchange.

This move by the whale aligned with expectations, considering the consistent upward trends observed in SOL over the past few weeks.

SOL climbs to its highest in close to two years

AMBCrypto’s analysis of Solana’s performance on a daily timeframe showed a remarkable surge of over 30% in the past week. This upward trajectory drove SOL to a price level reminiscent of April 2022.

As of the conclusion of trading on the 2nd of March, SOL settled at around $130, registering a modest increase of less than 1%.

This price range was significant for SOL, as it did not reach the $130 mark throughout 2023.

Solana price trend

Source: Trading View

The consistent upward movement in SOL’s price led to its entry into the overbought zone on the Relative Strength Index (RSI).

However, the RSI has since dipped below the overbought threshold, reflecting the declining price trend experienced by SOL.

At the time of this writing, SOL was trading at around $125, reflecting a decrease of over 3%.

Solana volume drops but assimilates whale sales

Examining Solana’s volume on Santiment showed that it concluded February with an impressive surge, achieving its highest volume in months, totaling over $7 billion.

However, the volume has experienced a subsequent decline and was around $2.4 billion at press time. 

Solana volume

Source: Santiment

AMBCrypto’s additional look at the volume trends showed that the daily volume absorbed the significant whale volume observed in a previous move.

Nevertheless, the price drop, as noted at the time of this writing, suggested an increased dominance of sellers in the market.


Is your portfolio green? Check out the SOL Profit Calculator


Solana TVL sees yearly highs

Solana’s The Total Value Locked (TVL) had witnessed a significant upswing, as shown by DefiLlama. Notably, the TVL had surged from around $1.4 billion on the 27th to over $2.5 billion at press time.

This marked the first time since 2022 that the TVL has reached the $2 billion threshold.

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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