Solana Faces $200 Support As Profit-Taking Wave Hits the Market; Selling Pressure Intensifies

Solana (SOL) is under heavy selling pressure after large token transfers from major holders signaled ￰0￱ whales moving significant amounts of SOL to exchanges, the market now faces the risk of a deeper correction toward the $200 support ￰1￱ as markets move on data, so does ￰2￱ update is powered by Outset PR, the first data-driven crypto PR agency, which applies analytics to visibility much like traders apply technicals to price ￰3￱ Transfers Signal Profit-Taking The latest downturn began after Galaxy Digital moved 224,000 SOL (worth $41.12M) to Binance and Coinbase, following an earlier unstake of 250,000 SOL just last ￰4￱ to the pressure, three other whales deposited a combined 226,544 SOL ($40M+) to exchanges within nine hours, including one wallet realizing $1.63M in ￰5￱ inflows to centralized exchanges are often seen as bearish signals, since they typically precede ￰6￱ inflow has added stress to Solana’s supply-demand ￰7￱ Data Shows Weakness The broader market reaction reflects the mounting pressure.

SOL’s 24h trading volume slipped 1.95%, showing buyers are stepping ￰8￱ technicals are as follows: MACD histogram: -3.12, confirming bearish momentum. RSI-7: 29.51, hovering just below the oversold threshold of 30, hinting at possible ￰9￱ action analysis: SOL was rejected at the 23.6% Fibonacci resistance ($237.35) and now trades below the pivot at $215.96. Technical Implications Traders reacted to the failure of the $215 support, triggering stop-losses and adding to the selling ￰10￱ the 7-day SMA at $234.49 now standing as a critical resistance barrier, the path to recovery faces strong ￰11￱ levels to watch: Support: $200 psychological mark; further breakdown could target lower zones.

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Disclaimer: This article is provided for informational purposes ￰31￱ is not offered or intended to be used as legal, tax, investment, financial, or other advice.