TLDR
- Solana (SOL) price facing selling pressure at $105, with whales dumping $46.3 million worth of SOL
- Market indicators suggest SOL could fall 20% to around $80 if it breaks below $100 support level
- Solana launched Confidential Balances Token Extension on mainnet with ZK-powered encryption features
- PumpFun, Solana’s top meme coin launchpad, relaunched its livestream feature after previous suspension
- Trump’s tariff threats creating market uncertainty, with $19.9 million in SOL derivatives liquidated in 24 hours
Solana’s price is struggling to maintain momentum near the $105 level as major investors appear to be exiting their positions. The cryptocurrency, which recently faced rejection after approaching $300, has entered a consolidation phase that could determine its direction in the coming weeks.
SOL Price
Recent data from on-chain platform Lookonchain shows significant selling activity from large holders. One whale, identified as ‘4WRee’, unstaked approximately 160,000 SOL worth $16.5 million and sold 60,000 SOL at an average price of $102. Another whale, ‘5cPair’, offloaded nearly 90,000 SOL at $108.
The total whale sell-off amounts to $46.3 million, creating downward pressure on SOL’s price. This selling wave comes at a time when Solana had already fallen below support levels it maintained throughout most of 2024.
Whales are dumping $SOL!
4W1Ree unstaked 159,028 $SOL($16.5M) and sold 60,000 $SOL($6.13M) at $102 4 hours ago.
5cPair sold 89,734 $SOL($9.67M) at $108 14 hours ago.https://t.co/i2sVNng50nhttps://t.co/hJwIowTBPl pic.twitter.com/XLhXsLxHft
— Lookonchain (@lookonchain) April 9, 2025
Technical Indicators Point to Further Drops
Solana recently reached the 200-day moving average on the weekly chart for the first time in its history. This technical level, currently around $94.94, triggered a bounce, but price action suggests the recovery may be weak.
The Chaikin Money Flow (CMF) indicator, which measures money flowing in and out of an asset, has dropped below zero for the first time since March 2023. This negative reading suggests selling pressure is increasing and could signal a trend reversal.
If Solana breaks below the critical $100 support level, technical analysis suggests it could experience a 20% decline, potentially reaching $80 before finding stronger support. The next major support would be the ascending trendline that has defined Solana’s longer-term uptrend.
Confidential Balances Brings Privacy Features
Despite price pressures, Solana’s development team continues to push technological advances.
The network recently launched the Confidential Balances Token Extension on its mainnet, described as the “first ZK-powered encrypted token standard built for institutional compliance.”
Solana’s early “Confidential Transfers” feature has evolved into “Confidential Balances,” a suite of advanced privacy extensions covering confidential transfers, fees, minting, and burning, enabling asset issuers to conceal amount details without compromising compliance.…
— Wu Blockchain (@WuBlockchain) April 9, 2025
This new feature expands beyond the previous Confidential Transfers capability, now offering a suite of privacy-focused tools. The extension includes encrypted balances and transfers, discrete mint/burn operations with hidden total supply, and confidential fee handling.
Solana developers can implement these features in server-side Rust backends, custodial solutions, and decentralized applications. The technology is designed for enterprise adoption, potentially enabling encrypted payroll systems, secure business-to-business transfers, and privacy-preserving wallets.
Ecosystem Developments
PumpFun, the ecosystem’s top memecoin launchpad, has moved over 84,000 SOL to Kraken exchange, bringing its total transfers to 2,883,418 SOL at an average price of $189. This transfer activity may be contributing to market volatility.
The launchpad recently relaunched its livestream feature after suspending it five months ago due to regulatory concerns in countries like the United Kingdom. Users had previously employed extreme tactics to draw attention to their tokens, leading to community backlash.
These ecosystem developments come as Solana works to redefine its market position and overcome past challenges related to network outages and the perception that the blockchain is primarily used for speculative tokens.
Market Reactions to Economic Uncertainty
Solana’s price action is taking place against a backdrop of broader market uncertainty. U.S. President Donald Trump’s comments on tariffs have unsettled global markets, with major investment banks warning about potential impacts on economic growth.
The cryptocurrency market has not been immune to these concerns. Solana derivatives faced $19.9 million in liquidations over a 24-hour period, with open interest declining 3.36% to $4.03 billion, indicating growing risk aversion among traders.
Technical charts show a possible falling wedge pattern that could lead to a 29.78% rebound if validated, potentially pushing SOL toward $140. However, this would require increased buying volume and reduced market volatility.
For now, the $100 level remains a crucial psychological support that has been tested several times throughout 2024. The 50-day, 100-day, and 200-day exponential moving averages have all been breached and now act as resistance levels, complicating the path to recovery.
Should SOL drop below $100, the next key support level lies at $75, where buyers might find enough liquidity to stage a meaningful rebound.
As Solana continues to develop its technology and ecosystem, market participants will be watching closely to see if these fundamental improvements can offset the current selling pressure and macroeconomic headwinds.
