Solana whales dump $17.7M – Is SOL’s $183 comeback at risk?

Key Points

1. Solana's price dropped 12.38% in a week, falling from $206 to a local low of $159, with whales depositing $17.74 million worth of SOL into exchanges.

2. Whale activity in the spot market slowed, but derivatives trading volume increased by 4.62%, though the Long/Short Ratio indicated bearish sentiment.

3. Retail traders continued buying despite negative Spot Netflow, with SOL's Netflow dropping from -$95.49 million to -$1.86 million.

4. Technical indicators like the Relative Strength Index (41) and Stochastic RSI (0.07) suggest strong downward momentum, potentially pushing SOL toward $154 support.

5. The market remains uncertain whether retail traders will hold or sell, impacting SOL's potential recovery to $183.