Will Solana’s $170 support hold after Alameda unstakes $35M in SOL?
Main Idea
Solana (SOL) faces significant selling pressure from whales and Alameda Research, testing the $170 support level, while its performance lags behind Ethereum (ETH) in the short and long term.
Key Points
1. Solana's $170 support level is under pressure after Alameda Research unstaked $35M in SOL, and whales moved over 226k SOL to exchanges, signaling heavy selling.
2. SOL's price briefly dropped to $173, shedding $15M, but rebounded quickly, showing buyer resilience despite the selling pressure.
3. SOL's performance is weak compared to ETH, with only a 1.07% gain in August versus ETH's 15.75%, and a 12.8% quarterly ROI compared to ETH's 72%.
4. A single whale sold $17.2M worth of SOL, contributing to a 4% pullback, with whale sales averaging around $177, indicating sustained selling pressure.
5. Alameda Research's unstaking of SOL, initially worth $350K in 2020 (now $35M), adds to the selling pressure, though SOL's Net Position remains positive, supporting consolidation above $170.
Description
Whales and Alameda just shifted millions in SOL. Could $170 be the last stronghold before sharper declines?
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