Key Insights
- Solana price has declined by 35% in a month.
- A Solana whale has bagged 174,767 SOL worth $29.88 Million.
Over the past few months, Solana (SOL) price has increased gradually. However, the momentum shifted to the sellers when the bullish momentum was broken close to the $300 mark.
SOL price has been under a lot of selling pressure in the $300 range, and investors are having problems. Recently, a Solana whale withdrew 174,767 SOL from Binance, continuing to accumulate SOL. This is worth about $29.88 Million based on current market values.
The money was taken out and then staked by the whale. Amid this fresh accumulation, the market value of Solana crypto increased by 3% to $178.
Solana Price Dives Below the 200-day EMA: What’s Next?
When writing, Solana price was trading at $173.00, which has climbed by 2.55% over the past 24 hours. The market capitalization was $84.76 Billion, and the 24-hour trading volume was $4.15 Billion.
The technical chart indicated that the SOL price has fallen below a $180 support zone. Nonetheless, buyers have successfully pushed the price to this level, which may reassure bulls.
It is possible to receive buying pressure once the Solana price surpasses the 200-day EMA. Holding the important moving averages may act as a trigger, resulting in significant buying pressure. Amid this bull run, it might reach its peak from the previous month.
Alternatively, buyers may become alarmed if the Solana crypto reaches the $180 mark and displays any bearish candlesticks. Buyers may lose their hold if the price drops below $160. In this case, selling pressure might support the bearish trend.
A golden crossover between RSI and the RSI-based moving average has been initiated. Bulls may be drawn to this, and a respectable bullish move could be seen.
SOL Price Behavior Amid Whale Activity
Solana price has recently increased from its previous value of $175.21 to $179.10. CoinMarketCap data indicated a rising trend.
Investors are confident in its technological developments and expanding use in DeFi. Furthermore, the other industries, such as Solana and the market, demonstrate a rising trend.
The statistics show that investor participation in the asset and trade volume are still positive. Given that Solana’s 24-hour volume-to-market cap ratio is 4.23%, the current level of market engagement seems robust.
Analysts anticipate that Solana crypto is attempting a midway recovery. If it established a solid base close to the 133 level, the experts forecast a bounce from that level. Now, the scene is developing.
SOL Price Analysis Amid Recent Fall
Solana price has been navigating a challenging market after experiencing a significant decline of 35% over the past month. However, recent whale activity suggests a renewed interest in the asset.
A whale’s recent withdrawal of 174,767 SOL indicates a strong accumulation phase. This could potentially boost investor confidence.
SOL has faced pressure when dipping below the $180 support zone. However, there are signs of resilience, with a slight increase in price and favorable market sentiment.
Analysts remain cautiously optimistic, noting that a recovery could happen if key support levels hold.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
