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

Core Insights - Solana (SOL) price has rebounded to $208 after dropping below $200, amidst a broader crypto market rally, but whales are taking this opportunity to sell [1] - A significant whale sold $31.6 million worth of SOL, offloading a total of 150,000 SOL, indicating ongoing selling pressure in the market [1][2] - The price volatility has left investors uncertain about future movements, especially after SOL closed below the support level of $230 [2] Price Movements - SOL found support at the 61.8% Fibonacci retracement level of $193.52 and closed above the 50-day EMA at $208.81 on September 28 [3] - If the support at $193.52 holds, SOL could rise towards the next resistance level at $230, with the Relative Strength Index (RSI) trending upward [4] - A break below $193.52 could lead to further declines towards the next support at $184.13 [4] Institutional Interest and ETF Developments - Anticipation is building for the approval of spot Solana ETF applications by the SEC, which could enhance institutional investor participation [5] - Forward Industries has become the largest Solana treasury holder, holding over 6.8 million SOL valued at approximately $1.4 billion, contributing to substantial institutional interest [6] - Treasury firms collectively hold over 20.9 million SOL, representing about 3.64% of the circulating supply [6]