Major Solana Holders Initiate Sell-Off Ahead of Key Conference

As the Solana Breakpoint 2025 conference in Abu Dhabi approaches, a contrasting trend is emerging within the market. While the community anticipates the event, significant investors, often termed 'whales', are executing substantial sales. Blockchain data reveals that one such entity moved 100,000 SOL, valued at $13.57 million, onto a centralized exchange today. This action raises a pivotal question for traders: is this the precursor to a broader market downturn, or simply prudent profit-taking ahead of the upcoming Federal Reserve meeting?

The price of Solana is currently wrestling with the $140 level, trading near $134. Following a rejection at $146 earlier in the week, the asset has entered a phase of consolidation. On-chain metrics now point to increasing selling pressure. The Spot Netflow metric has turned positive over the last 24 hours, indicating more tokens are moving to exchanges than leaving them—a classic signal of potential distribution.

Further technical analysis underscores the shift in momentum. The Directional Movement Index is now signaling bearish control. Market observers are closely watching the crucial support level at $130. A decisive break below this point could potentially open the path for a decline toward the $120 region.

Robust Network Fundamentals Provide Counterweight

Despite the short-term price pressure, the underlying strength of the Solana network remains undeniable. Key fundamental metrics continue to hit impressive milestones:

Should investors sell immediately? Or is it worth buying Solana?

• Stablecoin Transfer Volume: Has surpassed $15 billion for the first time, representing a 200% increase since the start of the year.
• DEX Dominance: Solana has now outperformed Ethereum in weekly decentralized exchange trading volume for 16 consecutive weeks.
• New Bridge Launch: A new bridge connecting Coinbase's Layer-2 network, Base, to the Solana blockchain launched today, enhancing interoperability.

Concurrently, the DePIN Day event in Abu Dhabi is highlighting Solana's established position as a leading platform for decentralized physical infrastructure networks.

Institutional Interest Shows Resilience

The institutional narrative for Solana appears intact despite recent volatility. The Bitwise Solana ETF recorded inflows exceeding $65 million last week alone. Furthermore, a growing number of U.S. banks are beginning to facilitate SOL transactions, a clear sign of the asset's accelerating integration into traditional financial frameworks.

The coming 48 hours will be critical. The market will discern whether the momentum and announcements from the Breakpoint conference can act as a positive catalyst or if continued selling from large holders will drive the price toward the $120 support zone. For now, all eyes remain fixed on the $130 level as the key short-term battleground.