Solana News: Major Holder Faces Significant Losses on SOL Sale

A recent transaction in the cryptocurrency market has highlighted the volatility and risks associated with investing in digital assets. A major holder of Solana (SOL) has incurred significant losses after selling a large number of tokens at a reduced price.

Solana Whale Sells 108,688 SOL at a Loss

A whale transferred 108,688 SOL tokens to USDC worth $12.2 million in a single transaction, selling them at $112.3 per SOL token. The transaction occurred following the lowest price figure for that trading day, leading to a loss of $7.48 million for the whale, who had acquired the SOL tokens 11 months ago when they were priced at $181. The transaction took place amid intensified price fluctuations in the cryptocurrency markets, resulting in Solana’s downward trend. This major selling activity by a large shareholder indicates potential liquidity problems and negative market expectations from high-net-worth individuals.

Solana Falls Under Realized Price

On-chain data shows Solana (SOL) has seen its spot value drop under the Realized Price for the first time in three years following recent bearish action. According to data from Glassnode, Solana has slipped around 8% below its Realized Price. The Realized Price is an indicator of the cost basis of the average investor or address on a given network. When the spot price is below this metric, it suggests the average investor is underwater.

Solana (SOL) At Risk of Falling Below $110 After Monthly Drop

Solana (SOL) has experienced a 38% monthly drop and is now at risk of falling below $110. Sellers are firmly in control, and SOL faces a critical test of support levels. Any potential recovery would need to break through key resistance zones to signal a shift in momentum. The Ichimoku Cloud indicator shows a strong bearish setup, with the price trading below both the Tenkan-sen and Kijun-sen lines. Additionally, the Ichimoku cloud ahead is red, reflecting bearish sentiment in the market. Even if SOL experiences a short-term recovery, it will likely face strong resistance NEAR the $130 – $135 region.

Industry Leaders Discuss Solana ETF Approval Prospects in 2025

Industry leaders have mixed views on the prospects of a Solana ETF approval in 2025. Representatives from Gravity, Variant, and OKX cited centralization, network reliability, and excessive regulation as points of contention. Meanwhile, the availability of exchange-traded funds (ETFs) for prominent cryptocurrencies has grown, with Bitcoin becoming the first to have spot ETFs approved by the US Securities and Exchange Commission (SEC) in January 2024.