Solana (SOL) Price Drops to $130 Range Testing Critical Support Levels

Solana (SOL) price dropped to the $130 range on Wednesday, testing critical support levels amid concerning on-chain activity, speculating a possible whale dump.

According to recent on-chain data, an anonymous whale or large institutional investor unstaked and withdrew 139,532 SOL, valued at approximately $19.5 million, on Wednesday. The investor then sent 139,447 SOL, worth around $19.5 million, to the Binance crypto exchange, incurring a loss of $5.5 million in the transaction.

This development coincides with a downturn in SOL’s price, adding to the bearish sentiment. After experiencing some ups and downs in August, SOL began the month trading around the $150 level and even recovered to the $160 range. However, the token rapidly lost most of its gains by August's conclusion, declining below the $135 range.

At press time, SOL trades at $133.45, down 2.69% in the last 24 hours, as per data from CMC. The trading volume is down 10.02%. The price recently found support at the $130 level.

If the price manages to fall below $130 level, then it will likely test $128 support level. Further decline will likely result in price testing $117 support level. Conversely, if the price manages to break above $136 level, then the price will likely climb further to test $139 resistance level.