Solana’s market showed renewed volatility following a massive transfer of 1.35 million SOL tokens, worth over $84 million, to Coinbase Institutional. This move by an anonymous whale sent ripples through the market as it increased the amount of SOL available on exchanges, intensifying selling pressure during an already fragile period for the cryptocurrency.
Data from CoinGlass revealed that this whale transfer coincided with wider exchange inflows, with spot inflows surpassing outflows and pushing a net positive flow toward trading platforms. This pattern contrasts with earlier market phases dominated by withdrawals, which usually signal accumulation, suggesting a shift toward distribution and selling interest. However, despite the uptick in SOL supply on exchanges, buyers continued to absorb a portion of the sell-off, preventing a sharp collapse in price.
Meanwhile, derivatives markets signaled growing trader engagement amidst weakening price action. Open Interest in Solana futures climbed nearly 8%, reaching $4.5 billion, indicating that fresh capital flowed into leveraged positions despite the ongoing downtrend. This split market behavior—between positioning for rebounds and bracing for further declines—reflects uncertainty about Solana’s near-term direction and raises the risk of liquidations if volatility spikes.
Solana’s price also broke below a key support level near $78.50, a threshold that had held for months, and slid toward lower support around $62.32. This breakdown accompanied a steep drop in the Relative Strength Index (RSI) to an oversold level near 22.41, highlighting intense selling pressure but also a possible short-term rebound opportunity based on historical oversold signals.