Whales sent over 806k SOL to Coinbase following drop below $200

Data shows that whales have sent a massive amount of Solana (SOL) to the Coinbase exchange as the asset falls below the $200 mark.

According to data from Whale Alert, four whale addresses sent a total of 806,711 SOL tokens — worth $158.86 million at the time of writing — to Coinbase at around 09:00 UTC on April 1. 

The large whale movements come as the Solana price falls below the $200 mark in the middle of bearish market sentiment. 

SOL is up by 0.14% in the past 24 hours and is trading at $197 at the time of writing. The asset’s market cap stands at $87.6 billion, slightly above BNB’s $87.4 billion market value. Solana’s daily trading volume recorded a 45% surge, reaching $3.1 billion.

Notably, SOL briefly touched a local high of $204 at 01:35 UTC on April 1 for the first time in two weeks.

According to data provided by Santiment, Solana’s total open interest (OI) increased by $120 million over the past day — rising from $2.36 billion to $2.48 billion. Higher OI usually leads to higher price volatility since liquidations could happen at any moment.

The amount of traders betting on a further price hike for SOL has also slipped. Per Santiment, the total funding rate aggregated by Solana fell from 0.06% to 0.05% in the past 24 hours.

This shows that the amount of short trading contracts has slightly increased.

On the other hand, Santiment data shows that the SOL Relative Strength Index (RSI) plunged to 53 for the first time since Feb. 28. The indicator shows that the heat around Solana has cooled down, and the asset could potentially enter another accumulation phase.

For Solana to maintain its bullish momentum, its RSI would need to stay below the 60 mark.