Solana's Price Plummets Amid Institutional Selling and Whale Shorting

Solana's price has been on a downward trend in recent days, with the altcoin dropping by over 9% in the past 24 hours. According to data from Lookonchain, Forward Industries, a major player in the crypto space, deposited SOL into Coinbase Prime, selling 455,784 tokens worth around $32 million.

The sale was part of a larger trend of institutions and whales selling Solana, which contributed to the altcoin's decline. Additionally, data from CoinGlass showed that a whale with the username Ansem had shorted Solana with 20x leverage, resulting in an unrealized profit of $26K.

The chart suggests that Solana's price may continue to drop, with the altcoin breaking below its four-month low and seller momentum increasing. The MACD also indicates that bears are in control, although the momentum is mild. With whales and institutions selling amid a short-term bearish market structure, Solana's price may drop further.