During Tuesday’s U.S. market session, the Solana price recorded a 5% uptick to reach a current trading value of $227. The bullish momentum is likely fueled by broader market sentiment as Bitcoin continues to reach new highs. However, a crypto whale recently unstaked a significant amount of SOL coins worth millions, creating market concern over the asset growth potential.
According to Coingecko, Solana’s market cap stands at $108.5 Billion, while 24-hour trading is at $7.8 Billion.
Key Highlights:
- The Solana price will prolong the current correction trend until the flag pattern is intact.
- Crypto whale unstaked SOL coin with million hints large investor not expecting a major movement in this asset.
- The coin price sustainability above the 50-day Exponential moving average hints that the broader trend is bullish.
SOL Whale Unloads $193M: Recovery Trends in Jeopardy?
A major Solana whale recently redeemed 560,300 SOL, worth approximately $122.58 million, from staking and transferring the entire amount to Binance, effectively clearing out their wallet. This transaction follows a series of moves by the same whale, who withdrew 993,000 SOL (valued at $155.97 million) from Binance back in March to participate in staking when the price of SOL was $157.
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Over time, these tokens were gradually redeemed and sent back to Binance, culminating in today’s final and largest transfer. In total, the whale moved 1.025 million SOL, equivalent to $193.17 million, at an average price of $188.
Historically, significant whale selling has often preceded major market tops or stalled recovery trends, adding another layer of caution to Solana’s near-term outlook.
Flag Formation Hints Imminent Solana Price Breakout
Since late November, Solana price has been in a steady downtrend, sliding from $264 to $226—a 14% decline. However, this drop has remained confined within two converging trendlines, signaling the formation of a bullish flag pattern.
This chart structure highlights the ongoing correction as a necessary step to recharge bullish momentum. As long as the overhead trendline of the pattern remains unbroken, SOL price could see a prolonged correction phase, delaying its $300 breakout.
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For buyers to regain control, a decisive breakout above the overhead trendline, confirmed by a daily candle close, is essential. This breakout is expected to intensify buying pressure, potentially driving the Solana price to $315—a 38% surge from current levels.
