SOL Defends Key Support: Will This Trigger a Trend Reversal?
Overtaking the activity of well-known chains like Ethereum and Solana attracted a lot of attention. However, a few rug pulls negatively affected the SOL price increase, which sparked some worries about meme coins’ growing supremacy. Over the token, the selling pressure increased significantly, preventing the bulls from pulling off a significant recovery. An important increase in the price of SOL kept the token from falling below a crucial support level of $133. Therefore, the question is whether the recent bounce is a trap set for the bulls or if it is a trend reversal.
Solana Hits $145 Resistance as Whales Make Big Moves
A significant whale activity is cited as one of the main causes of the recent upsurge. According to a LookonChian update, whales took out a significant quantity of SOL—more than $7.5 million—from Binance, a well-known CEX. As market participants were optimistic about the forthcoming price action, the SOL price rapidly gained speed. The token failed to clear the $150 level, but it soared above the psychological resistance at $145.
Another update from Lookonchain revealed that over the last 12 hours, five whale accounts unstaked 5.52 million SOL, or $810 million. Of these, Coinbase Prime received a deposit of 3.54 million SOL. This raises the likelihood of significant selling pressure on the token because whales significantly change the token’s value anytime they transfer such a large quantity of cryptocurrency to CEXs.
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