Solana Price Drops Below $100 as Whales Move Millions

SolanaSOL-1.44% Slips Below $100: What Is Happening?

Solana (SOL) recently dipped below the $100 price level. This key price mark has drawn close attention from crypto traders worldwide.

When a top cryptocurrency crosses a major psychological threshold like $100, market sentiment often shifts quickly. At the same time, large crypto holders—commonly known as whales—have moved tens of millions of dollars in SOL tokens.

Let us break down what is happening on the blockchain, what the data shows, and what key price levels traders are watching right now.

Whale Watch: $49 Million in SOL on the Move

Large token transfers can impact crypto markets significantly. Recent on-chain tracking from Lookonchain revealed substantial movement across three interconnected wallets.

These three wallets transferred a total of 482,228 SOL over a three-day period. At the time of the transfers, that stack was valued at approximately $49.17 million.

Here is how those funds were distributed during that three-day window:

• 171,430 SOL (valued at roughly $17.3 million) was deposited directly onto crypto exchanges.
• 310,798 SOL (valued at roughly $31.87 million) was moved between private wallets, with no confirmed exchange deposits yet.

Because these three wallets showed identical activity patterns, blockchain analysts suspect they may belong to a single entity.

Why Do Exchange Deposits Create Selling Pressure?

To understand why traders watch these moves, think of a crypto exchange like a local farmers market.

If a farmer keeps apples in their private storage barn, shoppers cannot buy them immediately. But if the farmer drives a huge truck full of apples straight to the market stall, everyone expects the available supply to jump.

In crypto, keeping tokens in a private wallet keeps them out of active circulation. Transferring them to an exchange makes them instantly available for trading.

However, it is important to keep two facts in mind:

1. Transfers do not guarantee immediate sales: A whale might deposit funds to use as margin collateral, stake, or swap into another asset, rather than selling for cash outright.
2. Ownership is unconfirmed: While on-chain tracking suggests these three wallets are linked, common ownership cannot be proven with 100% certainty.

Solana Technical Analysis: Key Support and Resistance Levels

Solana experienced a strong rally earlier in October, reaching peak levels around $125 to $130. Since that high point, the token has experienced a noticeable pullback.

Past performance of digital assets is not a guarantee of future results. You can check real-time market data directly on Bitkub Market.

With SOL trading below $100, technical analysts are eyeing several critical price zones to evaluate short-term momentum.

Immediate Support Zone: $97 to $100

The area between $97 and $100 serves as the first major line of defense for buyers. Within this range, $98.50 acts as a crucial technical support point.

If buyers step in near $98.50, the price could stabilize and attempt a rebound.

Downside Risk Area: $93 to $96

If selling pressure accelerates and SOL breaks decisively below $97 or $98, the price could drop toward the $93 to $96 demand zone.

A failure to hold $93 could expose SOL to lower support levels if overall crypto market sentiment remains weak.

Upside Resistance Range: $102 to $105

For buyers to regain control in the near term, SOL needs to reclaim $100 and clear the $102 to $105 resistance band.

A sustained move above $105 would help neutralize immediate downward pressure and provide chart stability.

What Lies Ahead for Solana?

Solana's near-term price direction depends on how buyers and sellers react around these critical price levels.

Here are the two primary potential scenarios to keep in mind:

• Bullish Scenario: If SOL holds above $97–$98 support and breaks back above $102–$105, buying interest could push the asset back toward higher price ranges, provided broader market liquidity remains positive.
• Bearish Scenario: If whale deposits turn into actual sell orders and force a break below $97 support, SOL may test lower support levels between $93 and $96, increasing short-term market volatility.

Traders will continue monitoring exchange inflows and on-chain wallet movements to see whether whale selling pressure persists or tapers off.