• A whale has transferred a massive $45.85 million worth of SOL to Binance.
• The whale unstaked 245,922 SOL a few hours ago. 
• SOL accumulation remains on the rise but the MACD indicator confirmed a bearish divergence.

SOL, the token of the Solana blockchain, had hit record highs a few months back, but hasn’t been able to stay above $200 of late. The altcoin is now down 13.40% for the past month. Adding to this bearish pressure is a whale that offloaded a significant 245,922 SOL on Binance exchange. 

Blockchain analysis platform Lookonchain noted the whale unstaking as much as 245,922 SOL sending it to Binance. This could only mean the whale is about to sell, sure to make SOL drop below its current price of $190.30.

Read also: Crypto Whale’s $18.57M Memecoin Buy Turns Heads on Solana

It is important to note that SOL hit its all-time high of $263.83 two months ago and has since crashed 27.78%. But investors are still bullish on SOL with the market favoring a spot Solana exchange-traded fund (ETF) approval under the new Trump administration.

SOL Price Analysis

The Solana price analysis on the daily chart provided by TradingView below shows that the accumulation of the altcoin has been quite high since August and in the short term, the gradient of the line shows the accumulation levels rising up again–a bullish indication for prices.

Meanwhile, the Relative Strength Index (RSI) reads a value of 43.38 which means that bears have taken over on the daily chart. However, the gradient of the line suggests that a retest of $200 could be seen in the coming days.

However, the MACD indicator seen in the daily chart above paints a different picture. The signal line (red) has broken above the MACD line (blue) which confirms a bearish divergence on the daily time frame. The MACD histogram has also turned red.