Solana remains above $100 despite whale sell-off, with analysts spotting buy signals with a potential upside toward $147 if the $95 support holds.

As extreme fear looms over the altcoin market, Solana struggles to stay above the $100 level. With high volatility and multiple long-range candles, the price fluctuations in Solana are quite evident.

Currently, the SOL token trades at $107.17, marking an intraday gain of 1.76%. Will a rebound help Solana reclaim the $112 resistance level?

Solana Price Analysis

On the daily chart, Solana’s price trend follows an expanding falling-channel pattern. The price has recently taken a negative turn from the overhead resistance trend line within this pattern.

The downtrend reached a low of $95.16 on April 7. However, increased buy-the-dip activity below $100 has helped Solana stay above this key psychological level.

With several rejection candles at lower prices, Solana is maintaining a neutral stance slightly above $100. After the recent drop, the daily RSI is hovering near the oversold boundary.

Despite increased volatility, Solana’s price is fluctuating between the center pivot level at $115 and the S1 pivot level at $94.29.

Solana Whales on a Selling Spree

As Solana hovers at a critical juncture, whales are losing confidence. According to a recent tweet by LookOnChain, the crypto whale “4W1Ree” unstaked 159,028 SOL tokens worth $16.5 million to offload in the market.

Out of this, the whale sold 60,000 SOL tokens for $6.13 million at an average price of $102. Similarly, the whale “5cPair” dumped 89,734 SOL tokens worth nearly $9.7 million, with an average selling price of $108.

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

Additionally, OnChainLens disclosed that three wallets, potentially under a single entity, unstaked 168,498 SOL tokens worth $17.86 million. The sudden move follows nearly two months of dominance and results in a loss of $11.38 million.

Along with the whales, the platform Pump.Fun has accelerated Solana’s selling activity. Pump.Fun recently deposited 84,358 SOL tokens, worth $9.3 million, on Kraken.

Since the start of 2025, Pump.Fun has sent 1.722 million SOL tokens, valued at $310 million. Overall, the platform holds 3.245 million SOL tokens worth nearly $360 million.

Just In: PumpFun has deposited 84,358 $SOL worth $9.3M, into #Kraken.

In 2025, they sent a total of 1,722,955 $SOL, worth $310.72M.

Overall, they have earned 3,245,238 $SOL, currently valued at $359.08M. pic.twitter.com/yV0BiUrOLB

— Onchain Lens (@OnchainLens) April 8, 2025

Analysts Spotlight Reversal Chances in Solana

Despite the significant selling pressure from crypto whales and platforms, analysts are still optimistic. According to a recent tweet by Ted Pillows, Solana’s recovery will likely continue after bouncing from a multi-year support trendline.

Historically, the SOL price tested this trendline in Q3 2023, triggering a 1000% rally.

$SOL just bounced back from its multi-year support trendline.

Last time Solana retested this was in Q3 2023, and SOL pulled 1,000% after that.

Will something similar happen again? pic.twitter.com/52DbEuvrvx

— Ted (@TedPillows) April 8, 2025

Furthermore, crypto analyst Ali Martinez reports a buy signal for Solana. According to Martinez, the TD sequential indicator signals a buying opportunity on Solana’s weekly chart.

The analyst emphasizes that Solana must stay above $95 and break the $121 mark to initiate a recovery.

Moreover, he suggested that Solana’s potential rally could target $147. However, if Solana fails to hold above $95, the next potential bearish target is $69.94.