Solana (SOL) investors are witnessing rising volatility as a surge in whale activity signals deadly . Despite a strong rally above $250 earlier in September, market sentiment appears to be shifting, with hinting at potential headwinds ahead. Most recently, a staggering 312,233 SOL tokens were deposited into Coinbase, fueling concerns that whales may be positioning for significant profit-taking. 

Solana Whale Deposits Signal Rising Selling Pressure

Blockchain tracker Whale Alert one of the largest Solana transfers in recent weeks, with 312,233 SOL valued at approximately $75.1 million, moved from an unknown wallet to Coinbase Institutional on September 21. The size and timing of this large-scale transfer immediately raised that whales could be positioned to sell. 

Before this transfer, Whale Alert had another massive transaction of 227,928 SOL, worth around $54.5 million, being funneled into Coinbase on the same day. Together, these two deposits represent more than $129 million in Solana potentially at stake of being sold off.

The implications of such moves are significant, as large holders typically , ultimately adding considerable downward pressure to the market. Notably, has been fueled by strong demand; however, these recent transfers raise the risk of oversupply, particularly as the token hovers around $224. If whales follow through with the selling, it could cap SOL’s bullish breakout attempt and force the price back to . 

Interestingly, this is not the first time Solana has faced similar whale-driven headwinds this month. Just over a week ago, blockchain analytics platform Lookonchain multiple whale dumpings into various crypto exchanges. A wallet tagged “CMJiHu” deposited 96,996 SOL ($17.45 million) into Coinbase, while “5PjMxa” moved 91,890 SOL ($15.98 million) to Kraken. The same day, another wallet “HiN7sS” transferred 37,658 SOL ($6.73 million) to Binance, securing a profit of $1.63 million. These earlier transfers, combined with the latest inflows, show a pattern of as market sentiment shifts.

SOL Momentum Weakens Under Heavy Selling

Crypto analysts now view Solana as being at a pivotal crossroad, where clash with mounting selling pressure and technical risks. Market expert Tom Tucker that SOL has climbed more than 150% in 2025, but its rally is showing signs of fatigue. The analyst’s chart reveals a rising wedge formation, often a precursor to a breakdown, combined with weakening momentum indicators.  

The is narrowing into a triangle, suggesting indecision, while the MACD has flattened after months of strength. This setup, when paired with heavy whale deposits into exchanges and rising sell pressure, underscores the growing . 

Yet, the outlook is not entirely bearish. Tucker points to optimism surrounding a potential , the upcoming , and steady treasury accumulation as fundamental drivers that could extend SOL’s long-term growth.