As Bitcoin hits $100K, investors unstake $500M SOL
Solana pricing stabilized above $240 support on Thursday, down 9% from its all-time high of $264 last week.
Over the last week, Solana investors unstaked 2.2 million SOL on-chain.
Bitcoin flipped $100,000, but Solana's Bull Bear Power (BBP) indicator showed decreased purchasing.
Solana prices fell 9% to $245 on Thursday from an all-time high of $264 last week.
Solana price stalls at $245 amid BTC breakthrough
Bitcoin price reached $100,000 for the first time on Wednesday after US president-elect Donald Trump appointed crypto-friendly Paul Atkins to replace Gary Gensler as SEC chair.
The chart above indicates Solana's Tuesday low of $224. After Trump nominated Atkin, SOL rose 4.2% before withdrawing from $245 resistance on Thursday.
Compared to Bitcoin (BTC), which rose 8% in 24 hours, Solana's 4.2% daily rebound is modest.
Investors unpinned $500M SOL after record high
Solana made headlines this week when it reached a new all-time high of $264 on November 23, surpassing the previous top of $259 four years earlier.
Solana's network staking deposits fell last week. The data above indicates that staked value declined from 389.4 million SOL on November 28 to 387.2 million SOL on Thursday.
Solana's core network validators withdrew almost 2.2 million SOL worth $528 million at current pricing in the last week.
First, removing 2.2 million SOL from staking contracts dilutes short-term market supply.
This mitigates Bitcoin's $100,000 milestone positive mood on Solana markets.
Solana's price may struggle to reach new all-time highs over $265 if stake outflow continues.
This suggests pessimistic sentiment is outweighing positive sentiment, making a sustained advance over $250 doubtful.
If SOL fails to close between $245 and $250, it might fall below $230, the next crucial support level.
A fall below this level might intensify selling, bringing SOL back to the $224 support zon
An upward close over $250 might launch a dramatic breakthrough to new all-time highs above $270.
