Anonymous Solana whales have recently made substantial moves, depositing a combined total of $120 million worth of SOL to Coinbase Prime.

These sizable transactions, detected by Solscan on July 16th and 17th, have sparked speculation and concern within the crypto community.

The first whale, identified by the address 9dZAPP…dnzAz3, withdrew 1.035 million SOL from various validators, including Cogent Crypto, Block Logic, and LunaNova, and deposited them into Coinbase Prime.

A second whale, identified by the address CJvk3X…AwuzNX, withdrew 349,600 SOL (approximately $38.9 million) from the same validators. Of this, 251,000 SOL were transferred to Coinbase Prime, while the remaining SOL went to an unknown address.

These whale activities have caused a stir in the Solana market. The timing and behavior of these two whales suggest possible coordination or control by a single entity. This has raised concerns and fueled speculation among traders and analysts.

Currently, Solana is trading at $127.82, with a 24-hour trading volume of $13,288,492,194. The market cap stands at $59,510,923,517. Solana’s price has experienced a decline of 9.82% in the last 24 hours, trading below both the 20-day and 200-day Exponential Moving Averages (EMAs). The recent formation of a “death cross” – where the 20-day EMA crosses below the 200-day EMA – is a bearish signal, suggesting further price declines may be on the horizon.

Technical indicators paint a concerning picture. indicate that Solana’s price has broken below the lower band, suggesting oversold conditions. However, this could also indicate continued downward momentum. The volume spike observed aligns with the price drop, confirming strong selling pressure.

Source: TradingView

The Moving Average Convergence Divergence (MACD) settings are (12, 26, 9). The MACD line is below the signal line and falling, while the histogram is negative and expanding downwards. All these factors point to strong bearish momentum.

Furthermore, the Relative Strength Index (RSI) is at 31.05, approaching oversold territory. The RSI has been declining sharply, mirroring the price action. However, it is not yet in oversold territory, indicating that the price could continue to decline.

The substantial Solana deposits on Coinbase Prime by anonymous whales, coupled with the bearish technical indicators, have amplified concerns about Solana’s price in the short term.