Solana whales (SOL). They are at it again, as they are seen to have moved a large amount of their possessions in Solana in the past 24 hours. This comes amid bearish sentiment in the cryptocurrency market, which has also caused… Solana price In decline.
Solana whales move over $500 million worth of SOL in several transactions
On the chain Data Shows that the Solana whales He made six large transactions in the last 24 hours. the First deal It involved transferring over 1.5 million SOL tokens ($216 million) to an unknown wallet (HCC…wmr). So this wallet sender 1.13 million SOL tokens ($163 million) to four different unknown wallets, with this unknown wallet (Auj…yhS) the majority of the funds transferred (1 million SOL tokens).
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the Third deal It involved transferring just over 1 million Solana tokens ($144 million) from an unknown wallet (GYj…gG6) to another unknown wallet (4Ax…TAh). So this wallet Transfer Tokens to another unknown wallet (3vx…kom). The fifth transaction is still related to the unknown wallet (3vx…kom), which he moved 1.6 million Solana tokens ($230 million) to another unknown wallet (FnH…Arr).
This then unknown wallet Transfer Tokens received to the wallet linked to Coinbase. This deal suggests that the Solana whale may be looking to offload its tokens, which could have a negative impact Solana price. However, past transactions suggest that other Solana whales may be just rotating their capital between portfolios rather than offloading it to the market.
This is also possible because there is a lot of activity on Solana Networkwith traders actively trading due to the ongoing meme coin craze. Data From DappRader shows that the volume of transactions on the network continued to rise despite the decline in the price of SOL.
What's next for SOL price?
Cryptocurrency analyst Ali Martinez newly Mentioned That Solana is ready for a “significant 53% price movement.” He added that the market should watch the $143 support and $178 resistance levels to gauge sentiment on the cryptocurrency token.
Jelly crypto analyzer He seems to have a bearish sentiment towards SOL. he Recently revealed Solana has failed to replicate a similar pattern earlier in the year and has now lost the $150 support level. He stated that he would not be surprised if Solana's price drops to the $140 level.
Cryptocurrency Analyst Altcoin Sherpa He also revealed his bearish sentiments on SOL, stating that the current definition of celebrity is not “healthy” for the cryptocurrency token ecosystem. He added that Solana's chart looks “pretty scary” and that Ethereum will likely continue to outperform it over the next period.
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Altcoin Sherpa Also discuss the possibility of Solana falling to as low as $120 while analyzing the USDT pair. He stated that he will not invest in Solana until it drops to $140 and that he may continue to wait until it drops to around $120. In the long term, the cryptocurrency analyst remains bullish on Solana and Expect To rise above $500 this year.
Featured image created with Dall.E, chart from Tradingview.com
