Binance’s massive sale of Solana tokens has triggered a bearish market trend, with analysts predicting a possible drop in the SOL price to $100. In a move that raised concerns in the crypto community, Binance sold approximately 100,000 SOL, valued at $15.6 million, which has contributed to the recent downturn in Solana’s value. Currently, the token is trading below $160, and analysts warn the price could hit $100 if it fails to maintain key support levels. As the cryptocurrency market continues to face significant declines, Solana’s price has fallen by more than 35% over the past 30 days, with the current daily dip nearing 6.7%. Crypto analytics firm Crypto Beast has flagged $154 as a crucial support level for Solana, which could either help the price recover or signal further losses. A failure to hold support could result in a price drop to $100, while breaking through resistance could potentially push it to $340. The concern surrounding Binance’s actions has created a divide among investors, with some questioning whether this selloff suggests a market shift or a potential bullish recovery. Still, caution remains, as Solana hovers around vital price points. Moreover, the approval of a potential Solana ETF by the SEC could offer some hope for a recovery and boost the token’s price.
In a significant market move, Binance recently offloaded roughly 100,000 SOL—valued at about $15.6 million—sparking a notable bearish shift in the crypto space. This selloff comes as the overall crypto market struggles, with total market capitalization dipping to $3.13 trillion—a decline of nearly 0.84%—and major assets enduring considerable losses.
Over the past 30 days, Solana’s price has dropped by more than 35%, and the current trading level below $160 has heightened concerns among investors. Analysts warn that if SOL fails to sustain its support level at around $157, the price could potentially fall further, even reaching as low as $100. For instance, a prominent analyst on social media recently cautioned that the current market dynamics might drive SOL down to that level.
Binance’s recent large-scale SOL dump, executed through Wintermute, has added to the uncertainty. The move has led to a debate among market watchers about whether it signals a defensive tactic to safeguard against a downturn or a precursor to an even steeper decline. Some analysts suggest that, while there is potential for a rebound if SOL can hold above the critical $157 mark, a break below this level could usher in further losses.
Despite the current bearish pressure, the future of SOL remains uncertain. A potential SEC approval for a Solana ETF could provide a much-needed boost, possibly reversing the downward trend. As it stands, SOL is trading at approximately $158.72, reflecting a weekly loss of 14.54% and a monthly drop of 36.64%. However, trading volume has surged by 144%, reaching about $3.73 billion, underscoring the heightened activity and volatility in the market. Currently, Solana holds the 6th spot on CoinMarketCap with a market cap of $77.84 billion.
Overall, Binance’s massive selloff has amplified existing bearish trends, leaving investors closely watching whether SOL will manage to sustain its support level or spiral further downward.
