A significant transaction involving 123,500 Solana (SOL) tokens, valued at $20.8 million, took place today, according to blockchain analytics platform Lookonchain. The transfer, carried out by a crypto whale with the wallet tag “AA21…VxH9,” occurred during a period of market recovery, signaling signs of accumulation. However, despite the substantial movement of assets, Solana’s price has remained relatively stable, hovering around recent levels.
At the time of writing, Solana (SOL) is trading at $172, reflecting a 6% increase over the past 24 hours. However, its trading volume has seen a 28% decline, as reported by CoinMarketCap.
SOL has recently dipped below the key $180 support level and has fallen beneath the 200 Exponential Moving Average (EMA), an indicator often associated with bearish momentum. Analyzing the charts via TradingView, it appears SOL is stuck in a range between $160 and $180, unless it can surpass the $190 mark. Should the price fall below $160, it could experience further declines, potentially dropping by as much as 20% to $120. The market is now awaiting confirmation as to whether buyers will step in or if the bearish trend will continue.
Despite the cautious outlook, many traders remain optimistic about SOL’s prospects. Data from Coinglass reveals that $145 million in long positions are currently held at the $162.8 level, indicating a strong belief among traders that SOL will not fall below this threshold, creating a solid support zone for the cryptocurrency.
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