Solana Whale Moves $17.5M to Binance, Eyes Sell-Off
Key Takeaways
- A Solana whale has unstaked 120,197 SOL worth approximately 17.55 million USD and transferred them to Binance.
- The transaction suggests a possible intent to sell and could create short-term pressure on the SOL price.
- Solana is currently trading sideways between 143.50 and 154 USD – a breakout could trigger the next price movement.
- Key support zones are at 143.50 and 120 USD – the latter is considered a historically strong floor.
What’s Behind the Whale Transaction?
A so-called “whale” – an investor holding a large amount of assets – unstaked approximately 120,000 SOL on May 6, 2025. These coins had been locked for six months. The total value of the transaction was around 17.55 million USD. Shortly after, the tokens were transferred to the crypto exchange Binance – a clear signal of a potential intent to sell.
Such movements are not unusual in the crypto world. When large amounts of coins are moved to trading platforms, it often indicates a possible upcoming sale. This, in turn, creates uncertainty and increases short-term selling pressure.
Loss Despite Staking Rewards
During the holding period, the whale earned a reward of 3,802 SOL. Nevertheless, the net result is a loss of approximately 7.8 million USD. This reality may have further influenced the decision to sell – possibly to limit losses or create liquidity.
Current Price Development of Solana
Solana (SOL) has managed to hold above the important support level at 143.50 USD despite general market weakness. A short-term 3% rise in Bitcoin led to a market-wide recovery – SOL also benefited, climbing to around 147.50 USD.
During the day, the price reached a high of 149.50 USD. Trading volume increased by 40% within 24 hours – a sign that traders are actively responding to the price movement.
Technical Analysis: Where Is the Price Headed?
According to technical analysis, SOL is currently in a sideways consolidation phase between 143.50 and 154 USD. This follows a breakout above the 143 USD resistance – a fundamentally bullish signal.
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A sustained breakout above 154 USD could trigger an upward move of up to 15%, pushing the price toward 180 USD. Conversely, a drop below 143.50 USD could lead to a decline to 132 USD.
In the long term, the 120 USD level is considered strong support. Historically, price reversals have often occurred there. If the market weakens again, this zone could offer an attractive entry opportunity.
Our Assessment
The whale transaction involving Solana is a cautionary signal, but not a cause for panic. Large investors regularly move funds – this does not necessarily lead to a price crash. However, short-term selling pressure could arise, especially if other market participants follow suit.
Despite the uncertainty, Solana is showing technical strength. The sideways movement after breaking above 143 USD is a positive sign. The key will be whether the price can sustainably break through the 154 USD level.
As an investor, it’s important to monitor the support zones. If the price falls below 143.50 USD, a pullback to 132 or even 120 USD could follow. Conversely, a breakout to the upside offers potential for significant price gains.
Closely monitoring current developments is especially important during this phase.
Sources
- Onchain Lens
- TradingView
- X (formerly Twitter)
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