Post
Blue sky 0l9m
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$SOL Large selling pressures on Solana after massive deposit in Coinbase — Is a correction imminent?
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📣 The news
The Solana (SOL) network has recently witnessed a notable surge in whale activity, with 312,233 SOL deposited into Coinbase, raising increasing concerns about a potential large sell-off in the market.
This massive deposit comes at a time when the price of SOL is struggling with upward momentum, having faced resistance at levels of $210 to $220 and failing to break through sustainably.
The futures market is also experiencing an intense liquidation wave, with the majority of losses—estimated at 97%—coming from “long” positions on SOL, which is putting significant pressure on the stock.
However, there is slight optimism from some analysts that buyers may intervene strongly at nearby support levels, potentially pushing the price towards $240–$250 if selling pressure fails to dominate the market.
🔍 Quick Analysis
Correction risks: The massive deposit to Coinbase is often seen as a signal that whales may be preparing to take profits, which could drive the price down if sellers begin to exert pressure.
Strong resistance level: Levels of $210–$220 represent a tough barrier to break, and may currently be more of a selling attraction than a buying one.
Potential range for support or reversal: If buyers can secure stable support around levels of $195–$200, SOL may succeed in recovering towards $240, but this is contingent on the strength of demand.
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📣 The news
The Solana (SOL) network has recently witnessed a notable surge in whale activity, with 312,233 SOL deposited into Coinbase, raising increasing concerns about a potential large sell-off in the market.
This massive deposit comes at a time when the price of SOL is struggling with upward momentum, having faced resistance at levels of $210 to $220 and failing to break through sustainably.
The futures market is also experiencing an intense liquidation wave, with the majority of losses—estimated at 97%—coming from “long” positions on SOL, which is putting significant pressure on the stock.
However, there is slight optimism from some analysts that buyers may intervene strongly at nearby support levels, potentially pushing the price towards $240–$250 if selling pressure fails to dominate the market.
🔍 Quick Analysis
Correction risks: The massive deposit to Coinbase is often seen as a signal that whales may be preparing to take profits, which could drive the price down if sellers begin to exert pressure.
Strong resistance level: Levels of $210–$220 represent a tough barrier to break, and may currently be more of a selling attraction than a buying one.
Potential range for support or reversal: If buyers can secure stable support around levels of $195–$200, SOL may succeed in recovering towards $240, but this is contingent on the strength of demand.
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.