Solana (SOL) Price Prediction & Analysis: Can Support Hold After Massive Whale Dump?

TLDR

Solana (SOL) is trading at $154 after declining from the $172 resistance level, down 1.61% in 24 hours A whale transferred nearly 1 million SOL tokens worth $161 million, causing market caution and $323 million in net losses Chainlink’s Cross-Chain Interoperability Protocol (CCIP) launched on Solana, marking its first deployment on a non-EVM blockchain Solana released its App Kit, an open-source toolkit for building mobile dApps across 18+ protocols Technical analysis shows SOL testing key support at $150-$156 with potential for rebound if it holds these levels

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Solana price has declined to $153.97, representing a 1.61% drop over the past 24 hours. The token started its latest decline from the $172 resistance zone.

SOL broke below the $160 support level and is now trading beneath the 100-hourly simple moving average. The price briefly touched $150 before recovering slightly above the $155 level.

A whale transfer of nearly 1 million SOL tokens worth approximately $161 million has contributed to increased market caution. This large transaction has resulted in net realized losses of $323 million at the $156 price level.

Solana
SOL Price

The token also moved below the 34-day exponential moving average at $163.20 with increasing volume. This technical development suggests bearish momentum is building.

However, SOL remains above the critical support zone between $150 and $156. The 50-day and 100-day moving averages are aligned within this support range.

Technical analysis reveals a bearish trend line forming with resistance at $160 on the hourly chart. The price faces immediate resistance near the $160 level and the trend line.

The next major resistance sits at $165, which aligns with the 50% Fibonacci retracement level. A move above $170 could set the stage for further gains toward $172 and potentially $180.

On the downside, initial support is located near $155. The first major support level is at $152.

Ecosystem Developments Drive Long-term Growth

Despite price weakness, Solana’s ecosystem continues expanding with two major developments. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has launched on Solana.

This marks CCIP’s first deployment on a non-EVM blockchain. The integration unlocks cross-chain DeFi capabilities for Solana users and developers.

Solana also released its App Kit, an open-source toolkit for building mobile decentralized applications. The kit supports over 18 protocols and simplifies app creation for wallets, NFTs, and DeFi platforms.

These developments aim to increase user engagement on Solana’s high-speed network. The ecosystem growth could support long-term price performance despite current market conditions.

Technical Setup Shows Mixed Signals

The 4-hour chart displays an ascending triangle pattern with SOL testing rising trendline support from early May. Recent lower highs and the decline from $177.58 indicate seller dominance.

The 50-period EMA at $165.04 and 200-period EMA at $163.18 now act as resistance levels. This confirms the current bearish bias in the short term.

Solana Price Chart – Source: Tradingview

Higher lows since mid-May suggest buyers are stepping in at lower levels. If SOL holds the $150.70 support and forms a bullish candlestick pattern, a move to $157.73 or higher becomes possible.

Key support levels include $150.70, $145.67, and $140.33. Resistance levels are positioned at $157.73, $163.18, and $165.04.

A break below $152 could send the price toward $145, with further declines possible to $132 if the $145 support fails. The whale transfer worth $161 million continues to impact short-term price action.

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