Key Highlights:
- Whales sell over $15M in SOL, pushing the price near $101 before a minor bounce.
- Analysts watch $74 and $50 as key support zones for price stabilization.
- Active Solana addresses cross 9M as DeFi volume sees strong 10-day growth.
At press time, Solana was under pressure,losingt nearly 4% in the last 24 hours. When writing, SOL price was $106.71, down 3.87% in the previous 24 hours.
Trading volume rosy 8.83% to $5.58 Billion, while market capitalization dropped 0.7% to $55.03 Billion. Solana has a weakness in this price area but still has strong user growth.
SOL Price Reacts to Whale Selling and Bearish Momentum
In the last 24 hours, large Solana holders have been selling large amounts of SOL. Wallet “4W1Ree” unstaked 159,028 SOL worth $16.5M. It sold 60,000 SOL for $6.13M at $102. Meanwhile, wallet “5cPair” sold 89,734 SOL for $9.67M at $10
The combined selling of more than $15 Million in SOL put more pressure on an already falling market. According to CoinMarketCap, SOL price reacted by falling from levels near $110 to intraday lows around $101.
Even at the end of the London trading session, selling dominated. However, there was a mild bounce. Additionally, the Awesome Oscillator (AO) indicator oSolana’s daily chart also showsing strong bearish momentum at -17.24.
The Stochastic RSI was slightly up at 23.09 and 21.92. This indicated early signs of recovery but still in the oversold territory.
SOL Price Breaks Key Support Amid Concerns of Further Decline
Since early 2024, SOL price has held above a horizontal trendline. It has even managed to stay strong through more significant market corrections.
However, a decisive break below this support has resulted from the recent drop relating to President Trump’s ‘Liberation Day’ announcement. The move has raised concerns about SOL’s ability to hold its current levels. If it fails to do so, further downside could follow.
According to TradingView data, SOL pricd hinearlyar $300 before dropping to the $100–$107 range. Now, this area has become a critical short-term threshold.
However, analysts warn that losing this zone could lead to another 20% decline. Going forward, this could take the price down to $85 or below. According to Ali Charts, key Fibonacci support levels are $74.11 (0.382 Fib) and $50.18 (0.5 Fib).
These levels may become important if the downtrend continues. Below that, the next level is at $33.98, the 0.618 retracement level from the larger move that started in early 2023.
Despite Market Pullback, Network Usage Surges
Price action is weakening, but on-chain activity tells a different story. According to data from Glassnode, active addresses on the Solana network spiked to over 9 million. This is massivege increase from previous months.
Furthermore, Solana’s decentralized trading activity has grown rapidly. DefiLlama reported that volume on DefiDotApp doubled in the last 10 days. This implied that even though prices are down, user interest and network demand are up.
Even as SOL price has declined, these numbers show growing adoption. It could provide long-term support as more users and developerinteractng with the ecosystem.
Confidential Balances Go Live on Solana
Solana has introduced a new privacy feature called “Confidential Balances.” This feature is powered by zero-knowledge (ZK) technology to enhance user privacy. The encrypted token balances are now live on Solana’s mainnet.
The feature enables institutional users to hide the token amounts from the public view while maintaining compliance with regulatory standards. The developers of Solana say this privacy extension allows for “sub-second finality” and business-grade confidentiality.
The addition of Confidential Balances makes Solana the firssignificantor blockchain with live encrypted tokens powered by ZK. This could draw more interest from the enterprise, especially in the financial sector.
