Solana (SOL) price, a layer-1 blockchain network token, is currently locked in a consolidation pattern, reflecting the broader market’s sluggish momentum. Despite minimal movement, subtle signs hint at a potential upward trend for the coin. SOL recently rebounded, coinciding with the U.S. election today, sparking renewed hope for gains this November. However, the market’s outlook remains cautious, especially as a recent sell-off by major holders suggests a possible shift in sentiment.

Solana Price Under Pressure: Will It Survive Massive Whale Sell-Off?

Solana price faces significant pressure as a high-profile whale unloads substantial holdings. Data from blockchain analytics platform Lookonchain reveals the whale recently sold another 92,000 SOL tokens, valued at around $14.58 million. This latest sale adds to an ongoing sell-off, with the whale shedding 357,070 SOL since November began.

The whale, known for strategic trades, boasts an approximately $87 million profit from recent SOL sales. This whale sold 265,070 SOL in a previous transaction, netting $43.96 million in profit. 

The smart whale with a profit of ~$87M sold another 92,000 $SOL($14.58M) in the past 2 hours.

The whale has sold 357,070 $SOL($58.54M) since Nov 1, currently holding 52,089 $JitoSOL($9.46M) and 126,548 $SOL($20.05M).https://t.co/gUPNO1hS6k pic.twitter.com/LfDeC0pwIi

— Lookonchain (@lookonchain) November 5, 2024

Between August 7 and October 23, 2023, the whale acquired 500,862 SOL at an average price of $23.6 per token. Since then, SOL’s market value has surged, turning that initial investment of $11.81 million into a substantial $81.14 million holding.

The whale maintains a diverse position, holding 52,089 JitoSOL tokens worth about $9.46 million and 126,548 SOL tokens valued at $20.05 million. Despite this recent selling activity, the whale’s holdings remain significant, with combined assets totaling millions in SOL and JitoSOL.

Solana Surges Amid Election-Driven Market Volatility

The SOL price is currently at $166.22, reflecting a 3.58% increase over the past 24 hours. Over the past week, the SOL price has fluctuated, initially decreasing as it dipped below $160. However, recent market momentum has driven a resurgence, with SOL climbing steadily and crossing the $160 threshold by mid-day. 

The surge can be attributed to ongoing discussions surrounding the U.S. presidential election, which has influenced the broader cryptocurrency market and sparked renewed investor interest.

With the current market setup,  the Solana price prediction could surge to the $200 resistance level if bullish momentum sustains. The recent price movement shows Solana testing support near $160, with key resistance levels at $180 and $200. However, if bears regain control, prices might return to $150.

The MACD indicator reflects an early bullish crossover, suggesting that buying pressure could increase. The histogram shows positive momentum as green bars emerge, further supporting the potential upward movement. 

Solana’s price faces volatility from whale sell-offs, yet bullish signs remain. Market momentum could drive SOL higher. Key resistance levels are $180 and $200.

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Coingape Staff

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