Solana: Analyzing impact of SOL whale dump worth $45.7M – BitRss

• Solana could drop by 11% to reach the $156 level if it falls below the $175 mark.
• Traders over-leveraged at $182.1 on the lower side and $193.2 on the upper side.

Solana [SOL ($186.64)], the world’s fifth-largest cryptocurrency by market capitalization, appears to weaken day by day due to ongoing market uncertainty.

Whale dumps $45.7 million worth of SOL

Amid this market decline, the blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale had dumped a significant 246,064 SOL, worth $45.76 million, to Binance.

As of now, the whale’s wallet address remains unknown, raising concerns among investors about a potential sell-off.

Additionally, the significant dump on Binance occurred as the SOL price reached a crucial horizontal support level of $176 and the 200-day Exponential Moving Average (EMA).

Solana’s technical analysis and key levels 

This crucial support level is a make-or-break situation for SOL. Expert technical analysis shows that if the altcoin breaches the 200 EMA and closes a daily candle below $174.5, there is a strong possibility of an 11% drop.