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Solana Price Rally to $300 Faces Headwinds Amid Whale’s Multi-Million Cashout
The Solana price has been steadily moving upwards, reaching a current trading value of $227, fueled by the broader market sentiment as Bitcoin continues to reach new highs. However, this rally faces significant headwinds due to the recent cashout of a crypto whale worth millions.
According to Coingecko, Solana’s market capitalization stands at $108.5 billion, with 24-hour trading volumes reaching $7.8 billion. This massive whale’s move highlights concerns about the asset’s growth potential.
A major Solana whale recently redeemed an enormous amount of SOL coins worth approximately $122.58 million from staking and transferred the entire sum to Binance, essentially clearing out their wallet. This transaction follows a series of actions by the same whale, who withdrew 993,000 SOL (valued at $155.97 million) in March to participate in staking when the price of SOL was $157.
The whale then gradually redeemed these tokens and sent them back to Binance, culminating in today’s final and largest transfer. In total, the whale moved 1.025 million SOL, equivalent to $193.17 million, at an average price of $188.
Historically, significant whale selling has often preceded major market tops or stalled recovery trends, adding another layer of caution to Solana’s near-term outlook. This development raises concerns about the asset’s potential and may impact its ability to reach $300.
Since late November, the Solana price has been in a steady downtrend, sliding from $264 to $226—a 14% decline. However, this drop has remained confined within two converging trendlines, signaling the formation of a bullish flag pattern.
This chart structure highlights the ongoing correction as a necessary step to recharge bullish momentum. As long as the overhead trendline of the pattern remains unbroken, SOL price could see a prolonged correction phase, delaying its $300 breakout.
For buyers to regain control and potentially drive the Solana price to $315—a 38% surge from current levels—a decisive breakout above the overhead trendline, confirmed by a daily candle close, is crucial.
Source: www.cryptonewsz.com
