The post $55 Million Solana (SOL) Moved to Exchanges, What’s Happening? appeared first on Coinpedia Fintech News.
The current market sentiment is very neutral, with most cryptocurrencies at critical levels. Amid this stability, Solana (SOL) whales have been moving their major tokens to centralized exchanges, including Binance and Coinbase, over the past 24 hours.
$55 million SOL moves to exchanges
On August 10, 2024, blockchain-based transaction tracker Whale Alert made a post on X (formerly Twitter) claiming that a Solana whale had moved 355,257 SOL worth $55.01 million. This post on X garnered widespread attention in the cryptocurrency community.
However, these whale movements occurred when SOL was at a critical level. Moreover, these whale movements had no effect on the price of SOL.
Solana Price Prediction
The technical analysis of experts suggests a bullish outlook for Solana (SOL). It is currently at a significant support level of $150. After breaking this level on August 8, 2024, SOL is likely to retest this breakout level in preparation for an upward rally.
At the current price level, there are two possibilities that can occur in the coming days. If SOL holds above the $150 level, a 20% surge to $186 is likely. On the other hand, if SOL fails to hold above the $150 level and falls below, it is more likely to fall back to the $130 level.
Currently SOL is above the 200 Exponential Moving Average (EMA) on the daily time frame. The price of an asset above the 200 EMA suggests that the asset is in an uptrend.
Solana Price Analysis
At the time of writing, SOL is trading at $153.35 and has experienced a price increase of 0.75% in the last 24 hours. While the price of SOL is stable, the volume has decreased by 46% during this period. This decrease in volume suggests that fears about the overall market have lowered trader participation.
Meanwhile, SOL’s open interest increased by 2.78%, indicating increased investor and institutional interest over the past 24 hours.