Solana hovers around $180, resists sell-off despite $22 million SOL transfer


  • Solana whale transferred nearly 124,000 SOL tokens to Binance on Monday. 
  • The $22 million transfer could contribute to selling pressure on Solana, raising concerns among traders. 
  • Franklin Templeton runs its node on the Solana network and hints at SOL ETF in a cryptic tweet on X. 
  • SOL extends gains by 2% on Wednesday and hovers near $180. 

Solana (SOL) adds 2% to its value on Wednesday, riding on the optimism among market participants after the first day of Spot Ethereum ETF trading. Solana hovers around $180 at the time of writing, and the key market movers are a large-volume SOL transfer to Binance and news of likely a Solana ETF. 

Data from Whale Alert, an on-chain tracker, shows a large volume Solana’s transfer to Binance on Monday. Even as Solana in exchange wallets climbs, suggesting more selling pressure as a higher volume of the asset is available for sale, the Ethereum alternative holds on to recent gains and extends its rally on Wednesday. 

Solana is the apple of the eye, even as Spot Ether ETF receives SEC approval

Solana has been in the spotlight since traders anticipated Spot Ethereum ETF approval and when the Securities & Exchange Commission (SEC) gave a green flag to the investment product. 

Solana is considered a close competitor to Ether, the native token of the smart contract network. With its relevance among traders, the market eyes Solana as the asset that is likely to receive SEC approval for a Spot ETF. The speculation is fueled by asset manager Franklin Templeton’s recent cryptic tweet on X. 

According to its website, the asset manager runs a Solana node. Therefore, a tweet mentioning SOL and the existence of other assets that warrant an ETF product supports talks of a Solana ETF on X. 

Solana holds steady near $180, fear of sell-off persists

Solana trades close to $180 early on Wednesday. The native token of the Solana chain held on to its recent gains despite a looming fear of sell-off. 

Data from Whale Alert shows a $22 million SOL transfer to Binance, a centralized exchange platform, on Monday. A rise in exchange deposits is typically considered a precursor of a sell-off in an asset because it implies a higher volume of the asset is available for sale on the platform.

SOL

Solana transfer to Binance

Solana is currently trading sideways and could correct to support at $166.92, the 61.8% Fibonacci retracement of the rally from the March 5 low of $105 to the March 18 peak of $210.18. SOL could collect liquidity in the Fair Value Gap (FVG) between $161.60 and $167.27, as shown in the SOL/USDT daily chart below, and make a comeback to the March 18 peak above $200. 

The key resistance is the May 21 top at $188.89. 

The Moving Average Convergence Divergence (MACD) momentum indicator supports the recent gains in SOL and shows underlying positive momentum in Solana’s uptrend. 

SOL

SOL/USDT daily chart 

On the other hand, a daily candlestick close under $166 could invalidate the bullish thesis. SOL could then dip to key support at the July 2 top of $155. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Top 3 gainers Supra, Cosmos Hub, EOS: Supra leads recovery after Trump’s tariffs announcement

Top 3 gainers Supra, Cosmos Hub, EOS: Supra leads recovery after Trump’s tariffs announcement

Supra’s 25% surge on Friday calls attention to lesser-known cryptocurrencies as Bitcoin, Ethereum and XRP struggle. Cosmos Hub remains range-bound while bulls focus on a potential inverse head-and-shoulders pattern breakout.

More Cryptocurrencies News
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market

Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market

Bitcoin price remains under selling pressure around $82,000 on Friday after failing to close above key resistance earlier this week. Donald Trump’s tariff announcement on Wednesday swept $200 billion from total crypto market capitalization and triggered a wave of liquidations.

More Bitcoin News
Can Maker break $1,450 hurdle as whales launch buying spree?

Can Maker break $1,450 hurdle as whales launch buying spree?

Maker is back above $1,300 on Friday after extending its lower leg to $1,231 the previous day. MKR’s rebound has erased the drawdown that followed United States President Donald Trump’s ‘Liberaton Day’ tariffs on Wednesday, which targeted 100 countries.

More Maker News
Gold shines in Q1 while Bitcoin stumbles

Gold shines in Q1 while Bitcoin stumbles

Gold gains nearly 20%, reaching a peak of $3,167, while Bitcoin nosedives nearly 12%, reaching a low of $76,606, in Q1 2025. In Q1, the World Gold ETF's net inflows totalled 155 tonnes, while the Bitcoin spot ETF showed a net inflow of near $1 billion.

More Bitcoin News
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market

Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market

Bitcoin (BTC) price remains under selling pressure and trades near $84,000 when writing on Friday after a rejection from a key resistance level earlier this week.

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP