Solana faced fresh selling pressure as a mysterious whale deposited 1.49 million SOL, worth $148.77 million, across multiple exchanges within 10 days.
Lookonchain reported on X that the whale dumped considerable SOL holdings to various major trading platforms, raising concerns about potential liquidations. These deposits raised concerns about potential selling, even though exchange transfers alone did not confirm completed sales.
Additionally, the whale’s activity introduced another concern for buyers who were already struggling to absorb the persistent selling pressure.
In particular, the selling pressures also extended beyond the mysterious whale as Solana’s exchange flow data revealed token inflows.
As per CoinGlass analytics, SOL Spot Netflows had turned positive, reaching $6.29 million at the time of reporting, November 2.
Notably, the exchange flows had previously fluctuated between inflows and outflows, which reflected inconsistent demand across the spot market. The most recent positive reading, however, coincided with significant whale deposits, raising concerns around further selling supply.
These rising exchange balances could make further declines more likely in case the holders decide to liquidate their positions.
Spot and futures traders maintain selling dominance
Additionally, trading activity across Solana’s spot and derivatives markets validated the bearish picture, beyond exchange deposits. To be specific, the Spot Taker Cumulative Volume Delta (CVD) highlighted taker sell dominance, implying a robust aggressive selling activity.
Furthermore, the Futures Taker CVD also highlighted similar conditions, extending the bearish outlook into derivatives.
For context, futures selling implied traders continued favoring bearish positioning during SOL’s recent decline.
Noteworthy, these combined readings also increased concerns about the bulls’ ability to absorb additional supply from the larger holders. A meaningful price recovery would therefore likely require stronger buying activity across both markets to challenge prevailing selling pressure.
Can Solana defend its next support level?
Solana’s daily technical structure revealed further downside risks after the token lost the significant $95.50 support level. The breakdown subsequently left $84.14 as the next major support level, as SOL price continued trading within a descending channel.
Adding to the bearish outlook, the RSI indicator declined to 28.56 into the oversold territory as selling pressure intensified.
Here, it is important to note that even though the oversold conditions could encourage a temporary price recovery, they offered little confirmation of a sustained rebound.
Furthermore, the Chaikin Money Flow (CMF) recorded -0.05, highlighting modest capital outflows alongside the continued selling pressure.
Ultimately, Solana’s outlook remained bearish as whale deposits, positive exchange netflows, and taker selling reinforced downside risks. Buyers reclaiming $95.50 would mark a crucial first step toward challenging the prevailing bearish structure; otherwise, SOL could extend its decline toward $84.14.
Final Summary
- A mysterious whale deposited $148.77 million in SOL as exchange inflows returned.
- SOL lost $95.50 support, leaving $84.14 exposed if selling pressure continues.