Solana price forecast: $210 in view as whales move $836M to exchanges
Solana price is showing fresh signs of weakness as heavy whale activity and ETF approval delays weigh on market sentiment.
The cryptocurrency has slipped to around $219 after a 7% weekly decline, extending its recent pullback from January’s highs near $293.
Whale flows stir fresh concerns
In one of the largest single-day moves in recent months, whales transferred more than $836 million worth of SOL to exchanges on September 21, with the bulk of the flows headed to Binance and a smaller portion of $54 million going to Coinbase Institutional.
On-chain data shows that more than 2.5 million tokens changed hands in just hours, creating selling pressure across order books.
Institutional firms such as Galaxy Digital reportedly shifted 224,000 SOL, worth about $41 million, while additional flows of over 470,000 SOL were spotted moving to Binance and Kraken.
These movements are widely viewed as profit-taking, particularly as regulatory uncertainty around ETF approval grows.
Large inflows to exchanges have historically coincided with corrective phases, as seen in previous months when similar patterns preceded sharp declines.
Technical signals turn bearish
The chart setup for Solana adds to the caution. Price action has struggled to hold above the $220 level, breaking below its 30-day moving average and facing repeated rejections near $240.
The $214 to $220 range has been an important base of support, but pressure is now building around the $210 mark.
A decisive close below this zone could open the door to a retest of $200, a level that has become a psychological line in the sand for traders.
Technical indicators back this fragile outlook.
The DMI has turned negative, with +D crossing below –D and the ADX reading at 30, signalling stronger bearish momentum.
The MACD histogram has also slipped bearish, while the RSI sits around a neutral 48, suggesting a lack of buying conviction.
Notably, the last time a similar alignment occurred, Solana’s price tumbled to $126 before staging a 62% rebound, prompting speculation that a comparable cycle may now be in play.
Regulatory delays cloud sentiment
Beyond the technical analysis, the regulatory backdrop has added another layer of uncertainty.
The SEC recently postponed decisions on multiple Solana ETF applications, including those from Grayscale, pushing the next deadline to October 16.
Although analysts still give approval odds of more than 90%, the delay has cooled speculative demand.
The ETF optimism had fueled expectations that Solana could challenge the $300 level in the medium term.
However, with timelines now extended, traders appear more cautious.
Historical patterns show that ETF delays often trigger short-term corrections as investors adjust to longer approval horizons.
Market watchers suggest that Bitcoin’s performance near the $112,000 level could heavily influence sentiment across altcoin ETF bets, including Solana’s.
Network activity drop
Adding to the uncertainty is a notable drop in Solana network activity.
Daily active addresses on Solana have fallen by nearly 27% in just a week, slipping from 2.6 million to 1.9 million.
The decline highlights weakening user participation at a time when price resilience depends heavily on robust on-chain activity.
This divergence between declining activity and relatively stable price action has raised questions about the sustainability of recent gains.
Lower transaction volumes and slower network growth could weigh on investor confidence if the trend persists.
Social sentiment has also turned negative, with weighted scores slipping below zero as bearish voices dominate market discussions.
Solana price outlook rests on $210 support
Despite the headwinds, analysts caution against writing off Solana too quickly.
The $210 to $212 zone has historically acted as a springboard for rebounds, and if the level holds, upside targets at $248, $270, and even $325 remain in play.
The long-term chart still outlines potential for gradual appreciation, particularly with institutional players like Galaxy Digital and Pantera Capital maintaining billion-dollar exposure to the token.
The immediate test, however, will be whether Solana can defend its critical support zone in the face of whale-driven pressure and regulatory delays.
If buyers fail to step in at $210, the probability of a slide toward $200 increases sharply.
From there, the market will look to ETF developments and renewed network growth as the catalysts needed to restore confidence.
The post Solana price forecast: $210 in view as whales move $836M to exchanges appeared first on Invezz
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Solana price forecast: $210 in view as whales move $836M to exchanges
Solana price is showing fresh signs of weakness as heavy whale activity and ETF approval delays weigh on market sentiment.
The cryptocurrency has slipped to around $219 after a 7% weekly decline, extending its recent pullback from January’s highs near $293.
Whale flows stir fresh concerns
In one of the largest single-day moves in recent months, whales transferred more than $836 million worth of SOL to exchanges on September 21, with the bulk of the flows headed to Binance and a smaller portion of $54 million going to Coinbase Institutional.
On-chain data shows that more than 2.5 million tokens changed hands in just hours, creating selling pressure across order books.
Institutional firms such as Galaxy Digital reportedly shifted 224,000 SOL, worth about $41 million, while additional flows of over 470,000 SOL were spotted moving to Binance and Kraken.
These movements are widely viewed as profit-taking, particularly as regulatory uncertainty around ETF approval grows.
Large inflows to exchanges have historically coincided with corrective phases, as seen in previous months when similar patterns preceded sharp declines.
Technical signals turn bearish
The chart setup for Solana adds to the caution. Price action has struggled to hold above the $220 level, breaking below its 30-day moving average and facing repeated rejections near $240.
The $214 to $220 range has been an important base of support, but pressure is now building around the $210 mark.
A decisive close below this zone could open the door to a retest of $200, a level that has become a psychological line in the sand for traders.
Technical indicators back this fragile outlook.
The DMI has turned negative, with +D crossing below –D and the ADX reading at 30, signalling stronger bearish momentum.
The MACD histogram has also slipped bearish, while the RSI sits around a neutral 48, suggesting a lack of buying conviction.
Notably, the last time a similar alignment occurred, Solana’s price tumbled to $126 before staging a 62% rebound, prompting speculation that a comparable cycle may now be in play.
Regulatory delays cloud sentiment
Beyond the technical analysis, the regulatory backdrop has added another layer of uncertainty.
The SEC recently postponed decisions on multiple Solana ETF applications, including those from Grayscale, pushing the next deadline to October 16.
Although analysts still give approval odds of more than 90%, the delay has cooled speculative demand.
The ETF optimism had fueled expectations that Solana could challenge the $300 level in the medium term.
However, with timelines now extended, traders appear more cautious.
Historical patterns show that ETF delays often trigger short-term corrections as investors adjust to longer approval horizons.
Market watchers suggest that Bitcoin’s performance near the $112,000 level could heavily influence sentiment across altcoin ETF bets, including Solana’s.
Network activity drop
Adding to the uncertainty is a notable drop in Solana network activity.
Daily active addresses on Solana have fallen by nearly 27% in just a week, slipping from 2.6 million to 1.9 million.
The decline highlights weakening user participation at a time when price resilience depends heavily on robust on-chain activity.
This divergence between declining activity and relatively stable price action has raised questions about the sustainability of recent gains.
Lower transaction volumes and slower network growth could weigh on investor confidence if the trend persists.
Social sentiment has also turned negative, with weighted scores slipping below zero as bearish voices dominate market discussions.
Solana price outlook rests on $210 support
Despite the headwinds, analysts caution against writing off Solana too quickly.
The $210 to $212 zone has historically acted as a springboard for rebounds, and if the level holds, upside targets at $248, $270, and even $325 remain in play.
The long-term chart still outlines potential for gradual appreciation, particularly with institutional players like Galaxy Digital and Pantera Capital maintaining billion-dollar exposure to the token.
The immediate test, however, will be whether Solana can defend its critical support zone in the face of whale-driven pressure and regulatory delays.
If buyers fail to step in at $210, the probability of a slide toward $200 increases sharply.
From there, the market will look to ETF developments and renewed network growth as the catalysts needed to restore confidence.
The post Solana price forecast: $210 in view as whales move $836M to exchanges appeared first on Invezz
Read More