Solana (SOL) traders are witnessing rising volatility as a surge in whale exercise indicators lethal promoting stress available in the market. Despite a powerful rally above $250 earlier in September, market sentiment seems to be shifting, with whale deposits into centralized exchanges hinting at potential headwinds forward. Most just lately, a staggering 312,233 SOL tokens had been deposited into Coinbase, fueling issues that whales could also be positioning for important profit-taking.
Solana Whale Deposits Signal Rising Selling Pressure
Blockchain tracker Whale Alert reported one of many largest Solana transfers in current weeks, with 312,233 SOL valued at roughly $75.1 million, moved from an unknown pockets to Coinbase Institutional on September 21. The dimension and timing of this large-scale switch instantly raised issues that whales might be positioned to promote.
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Before this switch, Whale Alert had flagged one other large transaction of 227,928 SOL, value round $54.5 million, being funneled into Coinbase on the identical day. Together, these two deposits characterize greater than $129 million in Solana doubtlessly at stake of being offered off.
The implications of such strikes are important, as massive holders usually ship tokens to exchanges with the intention to promote, finally including appreciable downward stress to the market. Notably, Solana’s value rally in September has been fueled by robust demand; nonetheless, these current transfers elevate the chance of oversupply, significantly because the token hovers round $224. If whales comply with by with the promoting, it might cap SOL’s bullish breakout try and pressure the value again to decrease help zones.
Interestingly, this isn’t the primary time Solana has confronted comparable whale-driven headwinds this month. Just over every week in the past, blockchain analytics platform Lookonchain reported a number of whale dumpings into numerous crypto exchanges. A pockets tagged “CMJiHu” deposited 96,996 SOL ($17.45 million) into Coinbase, whereas “5PjMxa” moved 91,890 SOL ($15.98 million) to Kraken. The similar day, one other pockets “HiN7sS” transferred 37,658 SOL ($6.73 million) to Binance, securing a revenue of $1.63 million. These earlier transfers, mixed with the most recent inflows, present a sample of whales steadily decreasing their publicity as market sentiment shifts.
SOL Momentum Weakens Under Heavy Selling
Crypto analysts now view Solana as being at a pivotal crossroad, the place robust fundamentals conflict with mounting promoting stress and technical dangers. Market professional Tom Tucker notes that SOL has climbed greater than 150% in 2025, however its rally is exhibiting indicators of fatigue. The analyst’s chart reveals a rising wedge formation, usually a precursor to a breakdown, mixed with weakening momentum indicators.
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The Relative Strength Index (RSI) is narrowing right into a triangle, suggesting indecision, whereas the MACD has flattened after months of energy. This setup, when paired with heavy whale deposits into exchanges and rising promote stress, underscores the rising risk of a short-term pullback.
Yet, the outlook is just not solely bearish. Tucker factors to optimism surrounding a possible Solana ETF, the upcoming Alpenglow improve, and regular treasury accumulation as basic drivers that would prolong SOL’s long-term progress.
Featured picture from iStock, chart from Tradingview.com
