Solana Whales Move $82 Million Worth Of SOL, Will Price Crash Below $90?
February 01 2024 - 1:00PM
NEWSBTC
Two high-volume transactions involving Solana (SOL) have caught the
attention of the crypto community considering the impact they could
have on the crypto token’s price. Moreover, these transactions have
come at a time when SOL risks dropping below the psychological
price level of $90. Solana Whales Move $82 Million Worth Of
SOL Data from the blockchain analytics platform Whale Alert shows
that an unknown wallet address (7v2M…Ao3C) moved 659,283 SOL to
another unknown wallet address (3vxh…gkom). The movement of such a
significant amount of SOL has raised speculations as to what the
intention of the wallet owner might be. Related Reading: Ripple
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Before Public Listing A common theory is that the transaction might
have been made in a bid to offload these crypto tokens. That could
have a negative impact on SOL’s price, considering how much is
involved. However, the fact that the SOL tokens weren’t sent to a
centralized exchange helps to counter this theory and raises the
possibility of the tokens being transferred for other
purposes. Meanwhile, the second recent whale move provides
some needed relief to the Solana community, considering the nature
of the transaction. Data from Whale Alert shows that 150,000 SOL
was sent from a wallet address linked to the Bybit crypto exchange
to an unknown wallet address (42br…pJFd). Moving tokens from a
centralized exchange (CEX) like Bybit usually passes a bullish
narrative as it suggests that the token holder was likely moving
their tokens to cold storage. Such a move also means that the
Solana whale in question was planning on holding the token
long-term, as they believe in its potential to make more gains in
the future. SOL price at $95 | Source: SOLUSD on
Tradingview.com SOL To Drop Below $90? Like the rest of the broader
crypto market, SOL has recently suffered a decline in its price,
dropping below the $100 support level in the process. This current
downward trend has also raised fears that SOL could retest the $90
price level and even drop below it if it is unable to find support
at that level. Related Reading: Crypto Analyst Predicts Shiba
Inu Price To Surge Above $0.00001 Crypto analyst Bluntz Capital
recently provided some insights into where SOL’s price might be
headed from a technical analysis standpoint. According to him, SOL
is likely to “bounce first before coming down for a C wave down
into the 0.618 later on.” From the accompanying chart he shared,
one could see that the C wave is placed at $88.99, just below the
$90 level. At the time of writing, SOL is trading at
around $93, down over 7% in the last 24 hours, according to data
from CoinMarketCap. Featured image from The Daily Hodl, chart
from Tradingview.com
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