Whale Moment Drives Scrutiny on Solana's Price Fluctuations: $17.55M Investment Assessed
Alright, let's dive into the world of Solana
Solana [SOL]: A cryptocurrency that's been steering clear of the chaos in the crypto market, thanks to good ol' BTC.
6th May Megacle: While most coins were crashing, SOL dipped below its $143.5 support but, thanks to BTC, it recovered quicker than you can say "Double Trouble."
Market vibe & current price vibes
With the market going mad, SOL held strong due to BTC's 3% price jump, pushing the market into the green. As of now, SOL is up 2.75%, priced at around $147.50 after reaching an intraday high of $149.50. Yep, you heard that right, the volume's been poppin' too, shootin' up a whopping 40% in the past day.
Whale moves its SOL, time to bail?
The coin's volatility seems to have stirred a Solana whale.
Found out through Onchain Lens, this whale unstaked a whopping 120,197 SOL ($17.55 million) and moved it to Binance. As a crypto nerd, you know this means big things. Large-scale unstaking, especially followed by a Binance transfer, usually means one thing: Sell! This move could create temporary selling pressure, slowing down SOL's upward movement.
Solana's moves and future levels
Over the past two weeks, SOL has been chillin' in a tight range between $143.5 and $154 after its breakout above the crucial resistance level at $143. Consolidation is often a good sign showing strength as the asset cools off before its next move.
If SOL breaks the $154 mark, it could spark a 15% rally, pushing the price towards $180. But if it plummets below the $143.5 mark, expect a short-term slide to $132.
So, $120's the savings zone for SOL, where it's repeatedly triggered price reversals during market downturns. If prices take a nose dive, $120 could offer a solid "buy-the-dip" opportunity.
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Crypto)? Is lower network activity in Bitcoin a bear market signal or a buy opportunity?
- Despite the turbulent crypto market, Solana (SOL) showed resilience due to Bitcoin's (BTC) influence, managing to maintain its position.
- On 6th May, even as most coins plummeted, Solana dipped but swiftly recovered thanks to BTC's price surge, pushing the crypto market into a positive trend.
- As of now, Solana is up 2.75%, currently trading at around $147.50 after reaching an intraday high of $149.50, with a significant surge in volume by 40%.
- A Solana whale, observed through Onchain Lens, unstaked a massive 120,197 SOL ($17.55 million) and moved it to Binance, which is often an indicator of a potential sell offense, creating temporary selling pressure.
- Over the last two weeks, Solana has been trading within a tight range between $143.5 and $154, indicating consolidation and strength before its next move.
- If Solana breaks the $154 barrier, it may trigger a 15% upward rally, potentially pushing the price towards $180. Conversely, dropping below the $143.5 mark could initiate a short-term slide to $132.
- Historically, Solana's support zone has been around $120, offering a potential "buy-the-dip" opportunity during market downturns and making it worth considering for crypto investors.
