Whale Activity Impacts Solana Price with A $4M Purchase
thenewscrypto.com 10 September 2024 09:53, UTC - Solana (SOL) has shown resilience, maintaining support above $120 and surging above 5.16%.
- Whale activity, including significant withdrawals and purchases, has impacted SOL’s price.
Solana has maintained a steady bullish trend over the past day, with the moving average at $130.82, below its current trading value of $133.84. The RSI is near neutral at 45.42, indicating a stable momentum.
Recent whale activity has notably influenced Solana’s price in the last 24 hours. A whale purchased over 34,800 SOL, valued at $4M, from Binance, around 16 hours ago. Since February, this whale has withdrawn 206,951 SOL worth $29.3M from major exchanges like Binance and MEXC. The whale bought Solana at an average price of $142 and has staked 115,135 SOL.
Recently, Solana (SOL) dropped to $121 but held around the $120-$125 support range. Despite recent market turbulence and a broader pullback, Solana showed strong network metrics with 397M weekly transactions and 12.78M active addresses.
Solana’s token, SOL, experienced a significant 12% drop on September 4 due to a major sell-off by Pump.fun, which sold $41.64 million worth of SOL. The last sale, on September 3, was for $1.38M at $134.46 per coin.
SOL followed BTC’s downward trend, moving from $141 to $124 before stabilizing at $134. Pump.fun’s impact on SOL’s price is uncertain, but the recent rebound suggests a temporary neutral condition amid bullish crypto sentiment.
SOL Shows Resilience Amid Whale Activity
Earlier, in July, as per Solscan, the same whale withdrew 17,485 SOL from Binance when the price was around $150, valuing at $2M. As per Lookonchain, it reveals the risks whales face during market fluctuations and their potential impact on token prices.
Solana (SOL) has experienced a notable price increase, currently trading at $134.66 with a 5.16% surge in the past 24 hours. Trading volume has spiked by 56.72%, indicating rising investor interest.
Trading volume reached $2 billion while the market cap surged over 4% reaching $62B. If the upward momentum continues, SOL could target $145 to $150 range. The indicators suggests a possible upward breakout if bulls maintain support.
