Solana Price Dips Below $200 as Whale Withdraws $5M in SOL

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Solana Price Eyes Recovery Toward $180 As Whales Buy the Dip

Highlights

  • Whale withdrew 25,306 SOL from Coinbase, signaling potential accumulation.
  • Investor offloaded 4.09M Fartcoin for 11,578 SOL, taking a loss.
  • Solana price consolidates, facing resistance at $200 and support at $180.

Solana price remains below the $200 mark as market uncertainty lingers, intensifying bearish pressure. The broader crypto market has seen corrections, impacting major assets like Bitcoin (BTC), which now trades near $96k. Whale activity, including a $5 million SOL withdrawal, suggests cautious sentiment. Investors closely watch economic indicators, with markets likely to remain range-bound until the next CPI report provides further direction.

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Solana Price Breaks Below $200 as Whale Withdraws $5M in SOL

Lookonchain data reveals that a prominent whale withdrew 25,306 SOL, valued at $5 million, from Coinbase within three hours. The movement suggests the investor may be accumulating more AI-related tokens, which could impact the Solana Price.

This follows a significant purchase made a day earlier when the same entity spent 38,138 SOL, worth approximately $7.8 million, acquiring ARC and Ai16z tokens. The large-scale transactions indicate continued interest in AI-driven crypto assets. Solana’s price recently dipped below the $200 mark amid increased whale activity. 

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Additionally, the Lookonchain data indicates that a large investor offloaded 4.09 million Fartcoin for 11,578 SOL, valued at $2.26 million, just an hour ago. The sale resulted in a significant loss of approximately $2.21 million.

Transaction records show the whale accumulated these tokens between January 19 and February 10, purchasing them at an average price of $1.09. The steep loss suggests a shift in strategy or a reaction to market conditions.

The move comes amid heightened volatility in the cryptocurrency market, where sudden large-scale sell-offs can impact liquidity and investor sentiment.

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Solana Price Slips as Crypto Market Faces Fresh Turmoil

Solana price has hovers below $200 as the cryptocurrency market struggles amid economic concerns. BTC dipped to $95k, fueling bearish sentiment. Altcoins like ETH and XRP also faced declines, reversing earlier gains. 

The downturn follows macroeconomic developments ahead of the upcoming consumer price report, which could signal persistent inflation. Market volatility remains high, with investors closely monitoring economic data and broader financial trends for further direction.

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Will SOL Price Reclaim $200 or Drop to $180?

The current price of the SOL is at $196, down by 2% in the past 24-hours. The cryptocurrency sets up around main support and resistance levels, demanding a breakout either way.

Solana price prediction fails at $200, but stronger levels are at $230 and $250. On the negative side, support at $180 is still seen, thus preventing a fall. If buyers do not push the price higher to $200, it could go back down to $180. But, if break above $200 levels then it may result rally to $230.

The MACD indicator shows a bearish momentum, with the MACD line positioned below the signal line. This suggests weakening buying pressure and the potential for further downside if momentum does not shift. The RSI is at 43, signaling that SOL is in neutral territory but closer to oversold conditions. 

Solana Price Dips Below $200 as Whale Withdraws $5M in SOL
Solana Price Chart: TradingView

In conclusion, the Solana price remains under $200 as market uncertainty lingers. Whale activity and broader crypto trends will determine the next move, with support at $180 and resistance at $200. If the crypto market recovery and BTC price resume above $100k , most of the cryptos could witness a rebound fueling the surge.

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Frequently Asked Questions (FAQs)

1. Why did Solana’s price drop below $200?

Solana’s price declined due to broader market corrections, whale activity, and macroeconomic uncertainties affecting investor sentiment.

2. What impact did the whale’s $5 million SOL withdrawal have?

The large withdrawal signaled potential accumulation but also contributed to short-term market uncertainty and volatility.

3. How does Bitcoin’s price movement affect Solana?

As a major cryptocurrency, Bitcoin’s price direction often influences altcoins like Solana, affecting liquidity and investor sentiment.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.