Big sell-off on Binance sends Solana on a free-fall, soaked in geopolitical tensions & dubious on-chain signals.
Solana’s (SOL) price fell through several key thresholds on Monday’s market dip, taking SOL back to $166. The mouth-dropping 9% daily dip comes with a huge hourly sell-off on Binance. The globe’s largest crypto exchange saw a stupendous trading volume spike on the SOL/USDT pair, registering 1.90 million SOL tokens sold in one hour.
Bullish Solana Whale $2.7M Down On Market Spook
This comes after some big-time crypto investors, otherwise known as whales, placed long plays on Solana’s (SOL) price. In a case portrayed by LookOnChain, one crypto whale deposited 10M USDC stablecoins to Hyperliquid, a popular Perpetuals trading platform. They immediately opened a 20x leveraged long on Solana (SOL) at $185.51, according to HypurrScan.
Right now, this out-of-luck trader is down $2.7 million in unrealized PnL, as Solana’s (SOL) market value keeps between the range of $166 – $167. If the mainstream altcoin dips to double digits, it would take SOL’s price to hit $79.79 to wipe away the leveraged play. As this happens, the Crypto Fear & Greed Index hits 42, signaling moderate fear, moving from neutrality.
SOL Falls Into Pit, Overshadowed By Recession Fears
While other crypto whales are sharing the sentiment in a positive Chaikin Money Flow (CMF), the altcoin is flashing a ‘sell’ signal on the Parabolic Stop & Reverse (SAR) meter. Pictured in the blue dots flying above the current price of SOL, this indicates the likelihood of a further pullback if Solana (SOL) fails to regain the low-tier Bollinger Band (BOLL) at $170.
With the $186 mid-tier Bollinger Band being the mid-point, the Layer-1 chain’s native crypto is far from bull dominance despite crypto whale interest.
To add, the Bull Bear Power (BBP) posted the worst result since October 12, 2025, when SOL dipped from $221 to $176 in a matter of days, a bloody weekend for crypto with $19 billion wipe-outs upon Trump’s 100% tariffs on Chinese goods.
Right now, the market sentiment switched to fear once it was made known to the public that the U.S. Treasury Secretary Scott Bessent is declaring a housing recession, blaming the Fed for “distributional problems with their policies”. Last month, Federal Reserve Chair Jerome Powell’s hawkish tone served a huge blow to the crypto markets, skipping the ‘Uptober’ festivities.
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