Solana (SOL) and Ripple’s XRP fell sharply this week, shaken by whale sell-offs, technical breakdowns, and market-wide panic.
Over the last 24 hours, SOL dropped 6.42%, slightly underperforming the broader crypto market, while XRP lost 8.94% amid pressure on major altcoins amid lingering market uncertainty.
SOL’s decline is part of a $2 billion liquidation storm that rattled the crypto space. With Bitcoin sliding to $81,000, leveraged SOL positions were hit hard, as panic selling sent its price below key support at $160 and the 30-day moving average.
On-chain data shows that long-term holders are trimming their positions, while recent buyers are fleeing, creating further selling pressure. Crowd sentiment remains firmly bearish, yet analysts argue that the dip is attracting strategic institutional interest.
Bitwise CIO Matt Hougan explained that hedge funds are using Solana ETFs to establish long-term positions while hedging with futures, effectively buying the dip even as retail investors panic.
Meanwhile, XRP faced its own challenges. Recent ETFs from Canary Capital and Bitwise triggered classic “buy the rumor, sell the news” behavior, prompting whales to offload $367 million in XRP this month.
Despite the drop, crowd sentiment for XRP is bullish, suggesting oversold conditions could lead to short-term rebounds. Traders are also watching the recently launched Franklin Templeton XRP ETF as a potential catalyst for renewed demand.
Across altcoins, market observers note large-cap tokens like SOL and XRP are struggling, but mid- and small-cap coins are showing resilience relative to Bitcoin. The Fear & Greed Index has plunged to 11/100, signalling extreme fear. Yet, some analysts see this as a dip-buying opportunity for patient investors.
While technical pressures are clear, the backing of ETFs, continued network activity, and strategic positioning by institutions could stabilize prices and pave the way for a potential recovery.
Source: https://zycrypto.com/whale-selloffs-send-xrp-and-sol-to-lower-lows-market-players-reveal-near-term-possibilities/
