Amid the recent surge in cryptocurrency volatility due to Bitcoin (BTC) flirting with a key support level just below $92k, Solana (SOL) has been experiencing a downward trend. The large-cap altcoin, valued at around $112 billion with a daily trading volume of approximately $4.6 billion, has seen a decline of over 12 percent in the last four days, currently trading at around $191 as of Friday, January 10, during the mid-European session.
During this period, nearly $20 million has been liquidated from Solana’s leveraged market, primarily involving long traders. Furthermore, Solana’s Futures Open Interest (OI) has decreased by about 2 percent in the past 24 hours, standing at approximately $5.79 billion at the time of writing.
Solana Whale Panic Sells
Analysis indicates that a significant Solana whale has been unstaking and transferring coins to Binance recently. In the last 24 hours, this particular whale unstaked 245,921 SOLs and deposited 246,064 SOL on the Binance exchange, potentially capitalizing on gains from a strong rally in 2024.
The Solana network is predominantly populated by investors looking to earn passive income through its staking program. According to data from Solanacompass, there are approximately 1,238,071 active stakers on the Solana network, collectively staking a total of 393,252,393 SOL, valued at around $75 billion.
Midterm Expectations for SOL Price
Following a strong bullish breakout from last year’s consolidation in November, subsequent to Donald Trump’s victory, Solana’s price in the daily timeframe is now testing the support trend line. From a technical analysis perspective, Solana’s price is approaching a critical support level of approximately $180, which must be maintained in the coming days to prevent a potential selloff towards the support range between $120 and $150.