Solana (SOL) price faces resistance at $164, following a large whale sell-off, sparking speculation on its short-term movement.
As of June 5, 2025, SOL trades at $156.4, with traders watching for potential downward movement or a breakout.
Key support is at $143, and resistance remains at $164, with investors closely monitoring whale activity and market sentiment for potential price shifts.
Solana Price: Whale Activity & Its Implications on SOL Performance
This exit could introduce short-term bearish pressure, as Solana price struggles with resistance around $164.
The sell-off may lead to further downward movement if other investors follow suit. The market sentiment could be affected, pushing the price lower.
Recent data by Lookonchain reveals that a whale, known as ZkSjmB, has sold 44,539 SOL tokens worth approximately $6.8 million, securing a profit of $649,000.
This whale initially bought 44,116 SOL at $139.4 a month ago and earned additional staking rewards. Such large transactions often influence the market, potentially impacting Solana’s price.
Source: X
However, some analysts view the move as part of a strategic short-term trading approach. If Solana holds key support levels, the price may stabilize, preventing a deeper decline.
Investors are advised to watch closely as the market reacts to this whale’s activity and the broader price dynamics.
Solana Price Key Resistance and Support Levels
Solana price remains below the $164 resistance level, with analysts cautious about a significant increase soon.
According to More Crypto Analysts, Solana is still under pressure at this resistance, and a small correction is happening.
If this happens, the price could move down to the important $143.50 support level and then decide its further direction.
A breakdown at the $143.50 mark might signal that Solana will keep falling in price. If the level of 123.84 is broken, the price could slide further down close to $122 or even $109.84.
Source: X
If the price of Solana surpasses $164, it may show that the market is changing in a bullish way. As a result, the currency might continue moving up towards higher Fibonacci retracement levels and could reach as high as $170 or more.
Liquidation Map: Potential for Increased Volatility
Current prices on Solana are affecting the levels of liquidation across different exchanges. With the price below $154, it could lead to liquidation of shorts, driving it lower, and a rise to $159.4 could prompt liquidation of longs, possibly resulting in a short squeeze.
A higher discrepancy between long and short positions could lead to more changes in prices. Many shorts are holding at $159.4, and if the price reaches this level, the surge they must make could cause a sudden price rise.
Source: CoinGlass
Conversely, a price of $154-$156 can cause long liquidations and cause the price to drop further. The market is approaching a crucial stage, and everyone is watching these levels closely for signs that the trend may reverse up or down.
Technical Analysis: Retracement and Fibonacci Levels
Currently, Solana is in a downtrend, as some retracements are expected. Analyst Man of Bitcoin has forecasted that the Solana price could fall as low as the $143 level.
Once the price hits that level, some traders may think it’s a good chance to pick up the asset in hopes it recovers.
Key Fibonacci levels mark out key places where support or resistance can appear. Support levels are found at $143.50, and the $164.56 level is still a significant resistance area.
Moving above $164 could be an indicator of a bullish trend, but the market needs to first clear this level to see a major increase.
Source: X
Since both whale movements and liquidations can impact Solana’s price, there will most likely be some volatility for now. Since the market is currently below the $164 resistance, the pressure appears to be continuing.
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