Solana price fell to $94 as a single whale deposited 1.49 million SOL worth $149 million to exchanges over 10 days, according to Lookonchain, while the Binance hacker sold another $96 million. Here are the levels in play.
Solana price has spent October going the wrong way. SOL traded at $94.25 at 02:40 pm UTC on 2 November 2026, as per recent data from CoinGecko. The coin was down 0.6% in 24 hours, 7.7% over seven days and 21.4% over 30 days.
Solana market cap sat at $55.7 billion, with $2.19 billion in daily volume, and $8.05 billion in perpetual futures open interest. The wider market offered little cover, with Bitcoin flat near $77,600 after a week of Fed holds and the $6.3 billion Binance hack.
What sets SOL price apart from the rest of the top 10 this week is that the selling has a face, or at least an address.
On-chain tracker Lookonchain flagged the wallet on 29 October, when it had moved 1.02 million SOL, about $104.3 million at the time, to exchanges over five days. On 2 November, it updated the count. "Over the past 10 days, the whale has deposited 1.49M SOL ($148.77M) into multiple exchanges," the firm posted, linking the Arkham entity page for the address.
Exchange deposits are the step before a sale, not proof of one, but a wallet that keeps sending nine-figure sums to trading venues over ten days is not moving funds for custody reasons. At current prices, 1.49 million SOL is about 0.25% of circulating supply, and roughly three-quarters of SOL's 24-hour spot volume on CoinGecko, spread over the period.
The wallet is unlabelled. Lookonchain calls it "mysterious," which usually means neither Arkham nor Nansen has tied it to a fund, foundation, or exchange. The deposits began around 23 October, a week before the Binance breach, so this is not stolen money being laundered. It reads as a large early holder exiting into a falling market.
The whale is not the only source of supply. Among the assets drained from Binance on 29 October were 970,522 SOL, worth about $96 million at the time, according to Arkham's breakdown of the hack. CoinGecko's market summary on 2 November noted the hacker had since sold that SOL, which puts a second block of roughly a million coins through the market inside a week.
Together, the two flows account for about 2.5 million SOL hitting exchanges in ten days, or roughly $240 million. Against over $2 billion in daily volume that is absorbable in theory. In practice, the chart shows what it did: SOL lost the $100 level in late October and has not been back.
SOL's 30-day drawdown of 21% compares with 7.7% for Bitcoin over the same period. The $100 mark, which held as support through most of October, is now the level bulls need to reclaim. On the lower side, $90 is the next round-number test, and the mid-$80s beneath that.
Prediction markets lean toward recovery but without conviction. Polymarket traders gave SOL a 70% chance of touching $100 in November, a 30.5% chance of $110 and 15.5% of $120, as per odds displayed by CoinGecko on 2 November. On the downside, the data indicated a 78% chance of touching $90 and a 32.5% chance of touching $80.
In a bullish scenario, the whale's exchange balances stop growing, which Arkham's entity page will show within a day, and SOL would reclaim $100 on the back of a broader market bounce. That would mark the selling as absorbed and put $110 back in range.
That said, in a bearish scenario, the deposits continue, and the hacker's remaining assets start to move, pushing SOL through $90 toward the mid-$80s. With open interest near $8 billion, a break of $90 would likely come with a liquidation cascade of its own. The whale's next transfer is the thing to watch.
This article is information, not financial advice.
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