Solana: Analyzing impact of SOL whale dump worth $45.7M

Solana (SOL) is at a critical juncture, with whale activity and on-chain metrics indicating potential sell-off pressure.

posted on X that a crypto whale had dumped a significant 246,064 SOL, worth $45.76 million, to Binance.

Additionally, the significant dump on Binance occurred as the SOL price reached a crucial horizontal support level of $176 and the 200-day Exponential Moving Average .This crucial support level is a make-or-break situation for SOL. Expert technical analysis shows that if the altcoin breaches the 200 EMA and closes a daily candle below $174.5, there is a strong possibility of an 11% drop.

The outflow in such a situation indicates a potential sell-off signal and has the potential to create selling pressure, leading to a further price decline in the altcoin.As of now, the major liquidation levels are at $182.1 on the lower side and $193.2 on the upper side, with intraday traders, over-leveraged at these levels, according to Coinglass data.If the market sentiment remains unchanged and the price reaches the $182.1 level, nearly $111.

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