Crypto Whale Buys $1.37M of Solana
After a notable breakout above $138, crypto whales seem to be making substantial investments in Solana (SOL) and are on a buying spree. On September 14, 2024, Lookonchain, an on-chain analytic firm, posted on X (formerly Twitter) that a crypto whale had purchased a substantial 10,000 SOL, worth $1.37 million, from Binance and subsequently staked it.
Crypto Whale Buys and Stakes Even More SOL
The post also highlighted that this whale had previously bought and staked a massive 50,000 SOL, worth $6.85 million. As a result, the whale received a reward of over 174 SOL, valued at approximately $23,700.
Solana Price Momentum
Despite these significant purchases, there is speculation that SOL may retest its breakout level to confirm its sustained upward trajectory. As of the latest update, SOL is trading near $137, marking a price surge of over 3.75% within the last 24 hours. During the same period, its trading volume increased by 20%, indicating heightened participation from both traders and investors following the breakout.
Solana Technical Analysis and Upcoming Levels
Based on expert technical analysis, SOL exhibits bullish characteristics and is currently confronting robust resistance from the 200 Exponential Moving Average (EMA) on the daily time frame. For SOL to initiate a significant upward rally, it is crucial to close a daily candle above the 200 EMA.
If SOL manages to close its daily candle above $140, there is a strong potential for it to ascend by 18% to reach the $165 level and possibly extend further to $185, provided the bullish sentiment continues. However, this optimistic outlook will only hold if SOL closes above the $140 mark; failure to do so may invalidate this bullish thesis.
Major Liquidation Levels
At present, the key liquidation levels are around $135 on the lower end and $140.81 on the higher end. According to data from Coinglass, traders are highly leveraged at these levels.
If market sentiment remains bullish and the price climbs to $140.81, nearly $65 million worth of short positions will be liquidated. Conversely, if sentiment turns bearish and the price drops to $135, approximately $38.5 million worth of long positions will be liquidated.
Traders’ Bullish Market Sentiment
Furthermore, SOL’s Long/Short ratio currently stands at 1.0695, reflecting a bullish market sentiment among traders. This ratio helps traders and investors gauge whether an asset is bullish or bearish, aiding them in making informed decisions about building long or short positions. A ratio above 1 indicates bullish sentiment, while a ratio below 1 suggests bearish sentiment.
Data from Coinglass reveals that 52.68% of top traders are currently holding long positions in Solana, while 48.32% are holding short positions.
