Solana Whales Sell $31.5 Million on SOL Price Rise as ETF Approval Looms

Solana SOL $210.9 24h volatility: 4.7% Market cap: $114.64 B Vol. 24h: $6.19 B price has bounced back from under $200 earlier today, amid the broader crypto market rally. SOL is currently trading 3.76% up at $208. However, Solana whales see this upside as a profit-booking opportunity, with a SOL whale selling nearly 150 SOL earlier today.

Solana Whales Sell on SOL Price Rise

Crypto analyst Ted Pillows reported that a large investor sold $31.6 million worth of Solana (SOL) on Sept. 27. According to the data, the whale has offloaded a total of 150K SOL, as of the current market price, in he past few hours.

Analyst Ted noted that whales have been offloading aggressively during each minor SOL price rally, signaling continued selling pressure in the market.

Amid the strong volatility in SOL price over the past few days, investors remain confused about what will happen next. Solana (SOL) closed below the daily support level of $230 on Sept. 22, sliding 10.55% by Sept. 25.

The token rebounded the next day after finding support at the 61.8% Fibonacci retracement level of $193.52, later closing above the 50-day EMA at $208.81 on September 28. As of now, SOL price is trading near $210.

SOL price tests key support levels | Source: TradingView

If $193.52 continues to hold as support, SOL could push higher toward the next daily resistance at $230. The Relative Strength Index (RSI) on the daily chart stands at 46 and is trending upward. A move above 50 would strengthen the recovery outlook. On the downside, a break below $193.52 could trigger a further decline toward the next support at $184.13.

Solana ETF Approval Expected in October

As October nears, market attention is turning to Solana (SOL) and other leading altcoins. ETF analyst Nate Geraci expects that the US Securities and Exchange Commission (SEC) to approve spot Solana ETF applications. This could lead to greater institutional investor participation and gain regulated access to Solana’s staking yields.

Beyond the ETF developments, Solana is already drawing substantial institutional interest. Forward Industries has emerged as the largest Solana treasury holder, with more than 6.8 million SOL valued at about $1.4 billion. In total, treasury firms collectively hold over 20.9 million SOL. This represents roughly 3.64% of the circulating supply.

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