Solana (SOL) Price Under Pressure as Whales Unload $46 Million Worth of Tokens

• Solana (SOL) price is trading around $105, facing pressure after recent whale sell-offs totaling over $46.3 million
• Data from Lookonchain shows major whales have unstaked and sold large SOL positions
• Technical analysis indicates SOL could drop by up to 20% if it loses the $100 support level
• The 200-day moving average at $94.94 is a crucial support level that, if broken, could lead to a potential drop below $80
• Solana has launched “Confidential Balances Token Extension” on mainnet, a ZK-powered encrypted token standard for institutional compliance

Solana’s price rally faces mounting pressure as several large-scale investors, commonly known as “whales,” have triggered a substantial sell-off. Trading around the $105 mark, SOL is struggling to maintain momentum after whales dumped over $46 million worth of tokens in recent transactions.

Data shared by on-chain analytics platform Lookonchain reveals concerning market movements. A whale identified as ‘4WRee’ unstaked nearly 160,000 SOL worth approximately $16.5 million and sold 60,000 SOL for $6.13 million at a base price of $102.

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

Another whale, identified as ‘5cPair,’ sold nearly 89,734 SOL at $108, adding to the selling pressure in the market.

These large-scale transactions could increase market volatility ahead of the upcoming U.S. jobs data release.

In contrast, Pumpfun, a Solana-based crypto launchpad, moved over 84,000 SOL to Kraken exchange. This brings their total transfers to 2,883,418 SOL with an average price of $189, potentially contributing to upward price resistance.

Technical Analysis Points to Further Weakness

The Solana price has reached a critical support level at the 200-day moving average on the weekly chart for the first time in its history. This technical indicator, currently at $94.94, provided a bounce, but overall sentiment remains cautious.

Bears appear to be gaining strength in the market. If SOL loses the crucial $100 threshold, analysts suggest it could suffer a 20% pullback.

The Chaikin Money Flow (CMF) indicator, which measures money flow in and out of an asset, has dropped below zero for the first time since March 2023. This indicates weakening market strength and rising selling pressure.

A confirmed break below the 200-day weekly moving average could trigger a further decline, potentially pushing prices below $80 toward the ascending support line.

The strength of any potential rebound would depend entirely on buyer conviction at those lower levels.

New Confidential Balances Feature Launches on Mainnet

Despite price concerns, Solana’s development team continues to innovate. They recently launched the Confidential Balances Token Extension on the mainnet, described as the “first ZK-powered encrypted token standard built for institutional compliance.”

This new feature provides enhanced privacy configurations without sacrificing Solana’s trademark sub-second transaction finality.

The solution includes three token extensions that integrate privacy features: encrypted balances and transfers, mint/burn operations with discrete total supply, and discrete fee handling.

Developers can implement this technology in server-side Rust backends, Wallet-as-a-Service integrations for custodial solutions, and decentralized applications with trusted confidential token handling.

The Confidential Balances feature enables practical use cases such as encrypted payroll systems, secure business-to-business payment transfers, privacy-preserving wallets, and consumer applications on Solana.

This release represents Solana’s ongoing efforts to attract enterprise adoption and position itself as a leading platform for Web3 innovations.

PumpFun Rebranding and Ecosystem Developments

PumpFun, Solana’s top memecoin launchpad, is undergoing changes after facing challenges with its livestream feature. The platform previously suspended the feature following excessive tactics users employed to promote their tokens.

These issues led to restrictions in certain regions, including the United Kingdom. After a five-month hiatus, PumpFun has relaunched the livestream feature as part of a broader rebranding effort.

This development comes as Solana works to improve its ecosystem reputation and reliability after experiencing network outages and controversies related to memecoin proliferation.

The overall cryptocurrency market remains volatile, with Solana trading at $103.47 at time of writing, down 1.44% over 24 hours.

Despite reaching intraday highs of $112.29, SOL has yet to recover from an 18% loss recorded over the past week.

While short-term price action appears bearish, continued development efforts may improve long-term sentiment toward the Solana ecosystem.

The recent whale sell-offs and technical indicators suggest caution for SOL investors in the near term, with key support levels to watch at $100 and the critical 200-day moving average at $94.94.