SOL Dips Below $150: 3M Token Whale Dump Sparks Market Shakeup

Solana price plunged below $150 as whales offloaded 3 million tokens. Despite strong network usage, the market reacts with heavy sell pressure and broken support.

Solana (SOL) has taken a significant hit, sliding beneath the key $150 psychological level in a sharp move that highlights a growing disconnect between price and on-chain fundamentals. The token fell by 5.2%, from $157.98 to $149.79, according to CoinDesk Research’s technical analysis data.

The downturn comes after more than 3 million SOL tokens were transferred to centralized exchanges over the past 72 hours, representing approximately $468 million in capital outflows. This surge in whale-led exchange inflows has eroded investor confidence, pushing the price through a previously critical support zone.

Throughout the early afternoon of June 5, high-volume trading further amplified the selling pressure. A major 182,000 SOL volume spike was recorded at 13:56, with prior bursts at 13:39 (21K), 13:45 (66K), and 13:51 (89K), all pointing to aggressive liquidation patterns.

While price action looks shaky, the Solana protocol itself remains fundamentally robust. The network continues to process over 100 million transactions daily, supported by more than 7 million active addresses. However, these positive metrics have yet to translate into price stability, as sentiment-driven volatility dominates short-term movements.

Technically, the SOL chart has entered a descending channel, characterized by lower highs and lower lows. The token failed multiple times to reclaim $153, a level now serving as firm resistance. Attempts to bounce have encountered limited buy interest, with modest demand only surfacing in the $149.50–$150.60 zone.

Analysts suggest that unless bulls can regain and sustain levels above $150, Solana risks deeper retracements. Fibonacci extension levels indicate that the next potential downside could test the $145 range, particularly if momentum remains bearish.

For now, eyes remain on the volume footprint and whether the bullish camp can absorb the continued sell pressure sparked by whale movements. Solana’s long-term outlook remains intact, but near-term turbulence suggests caution until technical confidence returns.

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