Solana (SOL) price is under pressure after failing to hold its key support at $125. A whale sold $7.6 million worth of tokens while network activity declined and technical patterns signaled a breakdown.
The altcoin has now erased most of its March gains, falling from $138 to $131 within hours. Trading volumes rose 4% to $3.4 billion as sellers took control.
$125 Becomes the Line in the Sand For Solana Price
Analyst Ali Martinez called $125 the “most important support level” for Solana. If SOL fails to reclaim this zone, it risks a deeper correction toward $105, he warned in a Mar. 28 post.
Martinez also highlighted a bearish wedge pattern, noting that SOL had already breached the lower trendline. The retest of this breakdown zone could confirm further losses.
Another trader, Moe, echoed similar concerns, writing that failure to hold the $114–$126 demand zone could trigger a “free fall” to $79.
Whale Exit Adds to Downward Pressure
Lookonchain reported that a whale unstaked 60,289 SOL and sold the entire amount for $7.67 million in USD Coin (USDC). The transaction happened at $127 per token.
The large sell-off followed a sharp retracement in SOL price, with Crypto Patel stating that the token had dropped 11.8% from his entry zone.
Patel advised booking partial profits and adjusting stop-losses to breakeven. Patel noted that SOL is now testing a bearish order block on the daily time frame, with downside targets forming near the $110 level.
Active Addresses Hit Record High—But There’s a Catch
Despite price pressure, Solana’s total address count continues to climb. On-chain analyst Ali Martinez posted that the network had reached an all-time high of 11.12 million addresses.
However, recent data from Artemis paints a less optimistic picture. Both daily active addresses and daily transactions—measured on a seven-day moving average—have dropped since early 2025.
Much of this decline comes as demand for meme coins and DeFi activity—two key volume drivers—has slowed.
Macro Risks Add Fuel to the Fire
Bitcoin (BTC) and Ethereum (ETH) have dropped 2.1% and 6.5% in the past 24 hours, respectively.
The Federal Reserve’s decision to keep interest rates unchanged has done little to calm nerves. Donald Trump’s announcement of new tariffs on imported cars and parts has added uncertainty. Traders worry such policies could fuel inflation and delay rate cuts.
Risk assets like cryptocurrencies remain highly sensitive to interest rate policy. Any delay in dovish signals could cap near-term upside.
Martinez noted that SOL must break back above the $145 region to reverse bearish momentum. Failure to reclaim that zone would likely confirm a breakdown from the wedge pattern.
At press time, Solana trades at $131—still below the key levels cited by traders. If bulls cannot defend the $125 floor, the sell-side narrative could take full control.
