- Solana faces renewed selling pressure as 111,993 SOL is offloaded for stablecoins.
- Technicals show consolidation under $160 with key support holding near $135-$137.
- MACD signals early bullish momentum, while RSI hints at room for further upside.
Solana (SOL) is once again under pressure as large-scale selling activity re-emerges, shaking market confidence. According to Onchain Lens data, the recent sell-off, traced to Pump.fun, saw four newly created wallets withdraw 111,993 SOL from the Kraken exchange. These funds, valued at $16.89 million, were quickly exchanged for USDC and USDT at an average price of $150.80.
This sudden unloading of tokens raised concerns among investors, especially considering the recent pattern of withdrawals and the broader market sentiment. Notably, Pump.fun has now sent a total of 118,717 SOL, equivalent to $17.86 million, to Kraken, highlighting persistent selling intentions.
Technical Landscape Shows a Cautious Rebound
Solana’s price at press time hovers around $147.74, reflecting a 1.33% dip over the last 24 hours. Over the past week, it has lost 1.89% of its value. With a circulating supply of 520 million SOL, the token’s market cap remains strong at approximately $76.5 billion.
Despite recent volatility, technical indicators offer a mixed but cautiously optimistic outlook. After bottoming near $120 in March, Solana rebounded toward $160. It has since been consolidating beneath this resistance, forming higher lows a potentially bullish pattern. This movement suggests buyers may be regaining control, but a clear break above $160 is required for confirmation.
SOL/USD daily price chart, Source: TradingView
The current support levels to monitor include $120, which remains the strongest historical base. Minor support at $135–137 has also emerged from recent pullbacks. Meanwhile, the $147 mark, where prices currently sit, could provide a short-term safety net if buying resumes.
Market Indicators Signal Modest Strength
Looking at momentum indicators, the MACD shows a bullish crossover (5.19 vs. 5.12), indicating the beginning of upward momentum. However, the histogram remains narrow, suggesting limited strength. The RSI currently stands at 58.19. This figure reflects a neutral reading but shows potential for further gains before hitting overbought territory.
