Solana
Solana Whale shakes up the market with $372 million move, where are the pieces going?
Solana Whales (SOL) are back, as they appear to have moved a significant amount of their Solana holdings in the last 24 hours. This comes amid bearish sentiment in the crypto market, which has also caused Solana’s price to decrease.
Solana Whales Move Over $500M worth of SOL in Multiple Transactions
On chain data show that Solana Whales have made six large transactions in the last 24 hours. THE first transaction involved the transfer of over 1.5 million SOL tokens ($216 million) to an unknown wallet (HCC…wmr). This wallet then sent 1.13 million SOL tokens ($163 million) to four different unknown wallets, with this unknown wallet (Auj…yhS) representing the majority of funds transferred (1 million SOL tokens).
THE third transaction involved the transfer of just over a million Solana tokens ($144 million) from an unknown wallet (GYj…gG6) to another unknown wallet (4Ax…TAh). This wallet then transferred the tokens to another unknown wallet (3vx…kom). The fifth transaction still involved the unknown wallet (3vx…kom), which moved 1.6 million Solana tokens ($230 million) to another unknown wallet (FnH…Arr).
This unknown wallet then transferred tokens received to a wallet linked to Coinbase. This transaction suggests that the Solana whale may be looking to dump its tokens, which would have a negative impact. Solana’s price. However, previous transactions indicate that other Solana whales may simply be rotating their capital between wallets rather than offloading it to the market.
This is also feasible given that there has been a lot of activity on the Solana Networktraders actively trading due to the current coin frenzy. Data from DappRader shows that trading volume on the network continued to skyrocket despite the drop in SOL’s price.
What’s Next for SOL Price
Ali Martinez, crypto analyst recently mentioned that Solana is about to experience a “major 53% price movement.” He added that the market should keep an eye on the $143 support and $178 resistance levels to gauge sentiment on the crypto token.
Jelle, crypto analyst seems to have bearish sentiment towards SOL. He recently revealed that Solana failed to repeat a similar pattern earlier this year and has now lost the $150 support level. He said he wouldn’t be surprised if Solana fell to $140.
Crypto Analyst Altcoin Sherpa also revealed his bearish sentiment for SOL, stating that the current celebrity meta is not “healthy” for the crypto token’s ecosystem. He added that Solana’s chart looks “pretty scary” and that Ethereum will likely continue to outperform it in the next time frame.
Sherpa Altcoin also discussed the possibility of Solana falling as low as $120 while analyzing its USDT pair. He said he wouldn’t invest in Solana until it drops to $140 and might just keep waiting until it drops to around $120. In the long term, the crypto analyst remains bullish on Solana and waits it is expected to exceed $500 this year.
Featured image created with Dall.E, chart from Tradingview.com