Solana Price Faces Volatility as Whales Sell: Will SOL Hit $120 or Break Below $112?

Solana may see a sharp move as large investors sell tokens. Whales offloaded $46.3 million worth of SOL raising concerns about market volatility. The crypto market is also watching the U.S. job data release today. The report could influence interest rate expectations, affecting crypto prices. Analysts predict a 6% price swing based on Solana’s implied volatility index. If market conditions shift, Solana news may highlight further price fluctuations. Traders are now preparing for potential market changes in response to economic data and whale activity.

Whale Sell-Off and U.S. Job Data Put Solana in Focus

Solana Price is expected to see a 6% price swing after whales dumped $46.3 million worth of SOL. Recent whale activity has increased volatility in the crypto market. Large investors sold Solana holdings worth $46.3 million, impacting price movements. Despite this, SOL remains near $116 after hitting a low of $112 earlier today. Market trends suggest further fluctuations influenced by investor sentiment. 

Solana news also highlights the impact of the upcoming U.S. job data release. The report tended to show that job growth has slowed, with only 130,000 jobs added in March. If the data is weaker than expected, it could increase the chances of interest rate cuts boosting risk assets. However, strong job data could reduce expectations for rate cuts, keeping the market under pressure. Traders are closely watching these developments as they could influence SOL price and the market sentiment.

Solana Price Analysis of April 4th

The trading day of April 3rd started with an oversold condition, finding support at $116.25. The upward trend was fueled by a golden cross on the MACD, but a death cross at 5:15 UTC reversed the momentum, leading to a downward trend. A second death cross at 9:50 UTC strengthened the decline, with RSI oversold conditions appearing at 10:30 UTC and 11:00 UTC, causing a breakdown below support. As selling pressure intensified SOL found another support level at $112.24 at 12:45 UTC. A golden cross at 15:05 UTC initiated an upward trend, which gained momentum with overbought RSI signals at 18:40 UTC and 22:00 UTC.

Chart 1, analyzed by ShwetaCW, published on TradingView, April 4, 2025

However, April 4th opened with a downward trend. A death cross at 00:05 UTC triggered a further decline, confirmed by an oversold RSI at 01:55 UTC. At 05:00 UTC, a golden cross signaled an uptrend, and continuous overbought conditions from 7:30 to 9:55 UTC pushed the price to resistance at $119.95. However, a death cross at 10:00 UTC led to a sharp fall. If the downward trend persists, Solana price may test $112.24 support; otherwise, a bullish reversal could target a breakout above $119.95 resistance.

Solana Price Outlook

The Solana price remains volatile as whale activity and market sentiment drive fluctuations. The crypto market awaits further impact from economic data. If the downward trend continues, SOL may break the $112.24 support. However, a reversal could push the price past the $119.95 resistance. Investors should watch SOL closely as market conditions evolve.