- Whales offload 149,000 SOL, adding to downward price pressure.
- TD Sequential shows a potential reversal if $95 support holds.
- Solana price struggles to reclaim $105 amid descending channel resistance.
Solana (SOL) price has declined sharply after failing to hold gains near the $300 mark. The recent downturn in the broader crypto market, intensified by political reactions surrounding Trump’s “Liberation Day,” triggered major selling pressure. This pushed SOL below its key ascending support line maintained through 2024.
Currently, the SOL price is trading close to $110, with concerns growing about whether the $100 support will hold. Solana has recorded a 15% loss over the past week, signaling strong bearish momentum. The drop mirrors a market-wide retreat among leading digital assets.
The global cryptocurrency market cap has dropped to $2.43 trillion, reflecting a 3.46% daily decrease. Additionally, total market volume fell 11% to $132.25 billion, showing weaker trader activity. Bitcoin continues to trade under $80,000, while Ethereum remains below $1,500. Other top assets like ADA and LINK have followed the same bearish path in response to current market conditions.
Solana Price Weekly Chart Signals Potential Rebound
Crypto analyst Ali revealed a bullish indicator for Solana (SOL) through the TD Sequential indicator on its weekly chart. The market signal released on April 8 indicates potential price reversal patterns during a moment of recent market weakness.
The bullish sentiment for SOL will remain intact as long as it defends above the price mark of $95. If SOL crosses $121 it has potential to escalate toward $147. The analysis proposes a recovery framework because traders follow the essential support and resistance areas which act as directional indicators.
Whales Offload Solana as Two Wallets Sell Over 149,000 SOL
Major Solana token factory sales originated from the 4W1Ree and 5cPair digital wallets which indicate movements by whales in the market. The wallet 4W1Ree unstaked 159,028 SOL worth $16.5 million before selling 60,000 SOL at $6.13 million which was equal to the tokens value. According to Solscan on-chain data examined recently the tokens sold for $102 each during the last four hours.
The transaction done by wallet 5cPair included the disposal of 89,734 SOL tokens worth an estimated $9.67 million which took place 14 hours before this writing. The SOL token sold for $108 which was the market value at that time.
Solana Price Analysis
The latest SOL price traded at $103 as of April 9, showing 3% decrease over the past 24-hour. The Solana price struggled to reclaim the $105 mark after facing consistent rejection near that region. The broader market weakness has weighed on SOL, keeping it below key resistance zones.
The MACD histogram shows decreasing bearish momentum, although no bullish crossover is confirmed. The MACD line remains below the signal line, indicating mild pressure from sellers. An upward cross could signal a potential short-term rally. The RSI stands at 40, suggesting the asset remains under selling pressure. The indicator has started turning upward but remains below the neutral 50 mark.
The Solana price dropped sharply below $110 and settled near the $100 support zone. Buyers responded near $98, helping the asset recover slightly. However, the price remains in a descending channel and continues to face resistance around $105 and $110.
If bulls lose control at $100, the price could extend its losses. On the upside, a breakout above $110 may trigger momentum toward the $120 mark. A failure to breach that region could confirm a broader bearish trend to $90 and $80.
