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Whale Dumps $45.7 Million Worth of Solana (SOL), Sell-off Signal?

Andras Crow-Hreidar by Andras Crow-Hreidar
January 9, 2025
in Crypto, News
Reading Time: 2 mins read
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Whale Dumps $45.7 Million Worth of Solana (SOL), Sell-off Signal?
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In a climate of persistent market unpredictability, Solana (SOL) is grappling to maintain its bullish momentum, showing signs of weakening as the market downturn persists. This scenario raises questions about the cryptocurrency’s future trajectory and investor confidence.

Whale Transfers $45.7 Million Worth of SOL to Binance

On January 10, 2024, Whale Alert, a renowned blockchain transaction monitoring service, reported a noteworthy transaction. A crypto whale moved a significant sum of 246,064 SOL, valued at $45.76 million, to Binance. This substantial transfer hints at a possible sell-off, highlighting investor sentiment that seems to be cautious, with many opting not to hold long-term positions amidst the ongoing decline in prices. In the last three days, SOL has witnessed a price drop exceeding 16%, bringing it to a pivotal support level.

blockdag 70m

Solana (SOL) Technical Analysis and Upcoming Levels

As SOL experiences a notable price downturn over the past few days, it has arrived at a vital support level of $178, corresponding with the 200 Exponential Moving Average (EMA) on the daily chart. This stage is critical for SOL’s performance in the near future. According to Trading View’s expert technical analysis, if SOL fails to hold this support and closes below $175, a further decline of approximately 11% could ensue, potentially driving the price down to $156 or even lower if bearish trends continue. Conversely, if the sentiment shifts positively and SOL maintains its position above $178, a resurgence similar to previous upward rallies may occur.

Increased Whale Activity and Exchange Outflows

The bearish sentiment affecting SOL is not confined to a single whale. Over the past 24 hours, exchanges have recorded an additional outflow exceeding $60 million worth of SOL. When combined with the earlier $45.7 million transfer, the market has seen a considerable outflow of $60.7 million, reflecting a broader trend of cautious investor behavior.

Current Price Momentum

At present, SOL is trading near $182, having undergone a price reduction of over 7.95% within the last 24 hours. This period also saw a 26% decrease in trading volume, signifying diminished participation from traders and investors compared to the previous day. Such trends highlight the current market’s cautious stance and the potential for further price fluctuations.

In conclusion, Solana’s current market dynamics exhibit a mix of bearish trends and critical support levels. Investors and traders are closely monitoring these developments, weighing the implications on the cryptocurrency’s future performance amidst ongoing market uncertainties.

Tags: Crypto newsPrice Analysis
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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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