Data from Whale Alert reveals that four large addresses have moved a significant amount of Solana (SOL) to Coinbase, totaling 806,711 SOL tokens valued at $158.86 million during the moment of transfer on April 1 at 09:00 UTC.

The movement of these large holders comes amidst the price of Solana dipping below the $200 mark amid a pessimistic market sentiment. SOL is currently priced at $197, showing a slight increase of 0.14% in the last 24 hours. Its market cap of $87.6 billion slightly edges out BNB's $87.4 billion market value, with a trading volume of $3.1 billion, showcasing a 45% increase.

Notably, SOL reached a high of $204 on April 1 at 01:35 UTC after two weeks of its last peak. Solana's open interest surged by $120 million in a day, rising from $2.36 billion to $2.48 billion, signaling potential price volatility due to liquidations. However, the number of traders predicting a price upswing for SOL dropped, with the funding rate plummeting from 0.06% to 0.05% in the past day, indicating a rise in short trading contracts.

Santiment data highlights that SOL's Relative Strength Index (RSI) has dropped to 53 for the first time since February 28, suggesting a cooling down of Solana's market hype and a possible entry into an accumulation phase. To sustain its upward trend, SOL's RSI needs to remain below the 60 mark.