Solana (SOL) Price Prediction: Will the Token Nosedive to $125 as Whales Exit the Market?

As the crypto markets are heading towards the monthly close, the volatility has squeezed to a large extent. While the Bitcoin price is juggling around $59,000

The crypto markets are nearing the monthly close and the volatility has reduced significantly. Bitcoin price is trading close to $59,000, while other popular tokens like Solana have come under constant bearish pressure.

As a result, the token has dropped below a crucial range, indicating bearish signals. Furthermore, a bearish close for the month could validate the crypto winter, potentially dragging SOL price to $125.

Over the past few days, whales have been closely monitoring the SOL price rally, as they appear to be unsure about the upcoming price action. Since the price was rejected from $161, the token has been forming large bearish candles, which may have prompted the whales to unstake their staked SOL tokens. According to Lookonchain, a popular on-chain data provider, a whale has withdrawn approximately 140,000 SOL tokens.

A whale/institution unstaked and withdrew 139,532 $SOL($19.5M) 2 days ago.

Then deposited 139,447 $SOL($19.5M) to #Binance at a loss of $5.5M in the past 2 days.

The whale withdrew 138,894 $SOL($25M) from #Binance on July 22, when the price was $180.

https://t.co/A6AKhPZvZn pic.twitter.com/mMnrGJD3iQ

According to the data, the whales unstaked tokens valued at nearly $19.5 million a few days ago and later deposited them in the exchange, incurring a loss of $5.5 million. Earlier, the whale had withdrawn a similar amount of tokens when the price was around $180, and now depositing them back into the exchange could be a sign of bearish flags on the token. It suggests that the whale may be preparing to sell the token, which could create immense selling pressure on the token very soon.

Now that the markets are entering the last few weeks of the quarter, the volatility is expected to rise, which may significantly impact the rally.

The weekly trade indicates that SOL price is unable to maintain the crucial ascending trend line, which has served as strong support since the beginning. However, the weekly RSI has been largely influenced by the bears, approaching the lower threshold. Moreover, the MACD shows an increase in selling pressure after the bulls attempted to regain dominance in the past week.

With the rising selling pressure, SOL price is expected to hit the lower support zone between $125-$121, given that the token has broken below the resistance. Historically, September has been the month of the bears, so it is likely that these levels will be reached before the quarter ends.

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