SOL Token Slides 2.66% After $70M Whale Move and $130 Support Breakdown Amid High Volatility

Solana (SOLUSDT) has experienced a 2.66% price decline over the last 24 hours, opening at 130.08 and currently trading at 126.62 on Binance. The downward price movement is primarily attributed to increased selling pressure following a whale transferring $70 million to Hyperliquid and opening a significant 20x leveraged long position, along with continued realized losses reflected in on-chain metrics and weakened market liquidity. Additionally, technical analysis points to the breakdown of the $130 support level as a key factor fueling bearish sentiment, despite positive developments such as strong institutional inflows into Solana spot ETFs and the launch of the Firedancer client. The current market shows heightened volatility, with trading volumes exceeding $4.7 billion and the circulating supply at around 562 million SOL, while sentiment remains mixed as analysts watch for either continued downside or a potential relief bounce near support zones.