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$201M SOL dump hits market: Can Solana avoid a slide to $120?
Solana’s (SOL) price has taken a significant hit after Forward Industries, the largest holder of SOL, dumped 1.44 million tokens worth a staggering $201.34 million into Coinbase Prime. This move has sparked concerns about the cryptocurrency’s potential slide to the $120 mark.
Over the past two months, Solana has been in a downtrend, losing nearly 50% of its value. The recent activity by Forward Industries has further intensified bearish momentum.
A look at Solana’s price action reveals that it has broken down a key support level at $155, followed by a small consolidation, which partially confirms the downside move. If SOL remains below this consolidation zone, another potential dip could be in store, potentially reaching the $120 mark.
However, some analysts suggest that a rebound is imminent. According to CoinGlass data, accumulation and leveraged positions near $128.9 and $140.5 suggest traders are preparing for a reversal.
Source: ambcrypto.com
