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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Solana’s $110 Test: Bullish Reversal Or Whale-Driven Fade?

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Solana has been able to remain above the key $110 price level even as big investors offload millions worth of tokens. The cryptocurrency is now trading at $114, registering a daily increase of 7.6% in the midst of a broad-based fear in the altcoin market.

Big Investors Abandon Ship As Market Wobbles

A number of key Solana holders have lost faith in the token’s near-term prospects. Blockchain analytics indicate that a whale (“4W1Ree”) unstaked 159,028 SOL tokens worth $16.5 million. The investor has already sold 60,000 of them for $6.13 million at an average price of $102.

Yet another significant holder named “5cPair” offloaded close to 90,000 SOL tokens amounting to around $9.7 million, receiving an average of $108 per token. OnChainLens blockchain data also revealed that three interrelated wallets unstaked 168,498 SOL worth $17.86 million after being on the books for two months, taking an $11.38 million hit on their investment.

Platform Activity Adds To Selling Pressure

The offloading is not just limited to individual traders. According to recent transactions, Pump.Fun platform transferred 84,350 SOL tokens (valued at $9.3 million) to Kraken exchange. Since January 2025, the platform has already offloaded a whopping 1.72 million SOL tokens worth $310 million to exchanges. Pump.Fun currently has 3.24 million SOL tokens remaining, worth around $360 million at today’s prices.


Technical Patterns Indicate Signs Of Reversal

Even though there has been intense selling, some analysts are optimistic regarding Solana’s price trend. The cryptocurrency adheres to a growing falling-channel pattern on day charts. The recent decline reached a low of $95.16 on April 7, but buyers swiftly intervened to restore the price above $100.

Today’s Relative Strength Index (RSI) also is now on the cusp of oversold levels, indicating a possible bounce. Some analysts are saying Solana just bounced off of a multi-year support trendline that set off a 1,000% bounce when tested in Q3 2023.

Analysts Set Key Price Targets For Coming Weeks

Market observers have pointed to key price levels that will decide Solana’s next direction. The TD sequential indicator has flashed a buy signal on SOL’s weekly chart, says analyst Ali Martinez. Solana needs to hold above $95 and break above $120 to initiate a significant recovery, Martinez believes.

If these levels are held, Solana may look to $147 in the near future. If the $95 support fails, though, prices may plummet towards $69.94, the analyst said.

The cryptocurrency is now trading between the center pivot level of $114 and the S1 pivot level of $94.29.

Prediction site Polymarket indicates mixed sentiment, with 20% of participants believing SOL will fall to $80 in April, and 21% that it will reach $150.

Featured image from Marca, chart from TradingView

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