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Solana (SOL) price continues to trade above the key $100 mark despite rising market volatility caused by whale activity and upcoming token unlocks.
Solana is valued at $123.09 at the time of writing, recording an increase of 6.49% over the past 24 hours.
Market observers are closely tracking price levels and support zones as selling pressure rises from several large holders.
Whale Movements Add Pressure to Solana Price Action
Blockchain tracking platform Lookonchain reported several large transactions involving unstaked SOL being moved to exchanges.
On-chain data revealed that one whale address, identified as HUJBzd, sold 258,646 SOL, worth approximately $30.3 million.
Another address, BnwZvG, offloaded 80,000 SOL, equal to around $9.47 million. Two additional addresses, 8rWuQ5 and 2UhUo1, sold 30,000 SOL and 25,501 SOL, respectively.
These transactions together added around $46.3 million worth of SOL to the circulating market supply.
Analysts say these moves created short-term selling pressure and may have added to market uncertainty during the ongoing price correction.
Despite the sell-offs, SOL has managed to stay within a critical technical range. According to analyst Crypto Patel, SOL is trading at a key Fibonacci support zone between $100 and $115.
Historically, for Solana, this zone has served as a strong price floor and has provided buyers an early accumulation opportunity.
Major Token Unlock Raises Concerns of Increased Selling
Additionally, Solana is scheduled for its largest token unlock since 2021. Data from Arkham Intelligence shows that over $200 million worth of SOL will be released into the market.
This includes more than 1.3 million tokens across four accounts that were staked in April 2021.
One account alone is expected to unlock 991,079 SOL, valued at $27.32 million based on current prices.
Other accounts will release 297,323 SOL ($7.43 million), 74,330 SOL ($1.97 million), and 34,687 SOL ($936,720).
The event is causing concern among traders who fear that the newly unlocked tokens may be sold immediately, increasing supply in the market.
These tokens were staked during a time when the average Solana price was around $64.
Holders of these unlocked assets have already seen returns of over 5x. Due to the profits already made, analysts are observing whether these holders will take advantage of the current market price to secure gains.
This has led to increased short-term volatility and uncertainty around SOL’s price movements.
Technical Levels Guide Accumulation Strategy Amid ETF Progress
Crypto Patel also points to the fact that as long as SOL keeps trading above $100, the structure of growth remains intact.
He also identified two accumulation indicators: Zone 1, ranging between $100 and $115 for light spot entries, and Zone 2, ranging between $50 and $72 for long-term accumulation.
Patel also stated that there existed a breakout confirmation level at $186. A move above this level could be an indication of the fact that a new bullish wave has started.
In his analysis, he claimed that if the $100 level breaks down, there is strong support at $50-$72.
This zone is actually situated on the Fibonacci retracement level of 0.618, which is generally referred to as the ‘golden pocket.’
It was from this area that Solana price witnessed an increase of 2,100% in the years 2020 and 2021.
In case such a pattern repeats itself, Patel believes that SOL may approach another cycle high of $1,000.
At the same time, the US Securities and Exchange Commission observed the rule-change filing for Fidelity Solana ETF.
This leads the proposal to the next level of the decision-making process. The Cboe BZX Exchange had listed the application for the exchange on the 25th of March in the year 2025.
What’s Next For Solana Price
The next step is to publish the guideline in the Federal Register so that the public can give their input for a period of 21 days.
Initially, there has been no positive causal relationship between the ETF proposal and the increase in SOL’s price.
The market is still dominated by short-term supply shocks mainly originating from whales and unlock events.
However, in spite of these concerns, most investors are still keeping a close eye on technical levels in an effort to try and find their way forward.
