Key Insights
- Solana price surged over 8.34% to $141.28 in the past 24 hours.
- A whale withdrew 96,180 $SOL($12.45M) from Binance and staked it.
Since hitting a high of $294, Solana price has displayed bearish momentum and struggled to maintain gains. It dropped more than 51% from its ATH at press time and slipped below the $150 threshold.
However, SOL price decline has created a buying opportunity for large holders. As a result, a giant whale engaged in a substantial transaction. They transferred 96,180 SOL coins, an estimated $12.45 million away from Binance, into staking.
The fresh wallet on the blockchain performed a notable transfer with 96,180 SOL. The transfer of tokens from Binance to staking addresses raised selling pressure. However, this simultaneously implied users were planning to keep the assets for the long term.
The social sentiment surrounding Solana crypto positively shifts when whales execute significant stake and buy transactions. It further lowered the token’s availability in the market.
An individual wallet made a 49,999,99 SOL worth $6.37 Million. This signified that institutional or high net-worth investors were purchasing Solana to benefit from the upcoming price surge.
Solana Price Jumps 8% in a Day as Whales Accumulate
Following the transaction done by a large whale, a significant bounce was observed, and Solana price reversed its course.
At press time, SOL price was trading at $141.28, noting an intraday rise of over 8.34% in the past 24 hours. Its market cap stood at $71.48 Billion, and its trading volume jumped by over 6% intraday.
Market analysts indicated that Solana crypto followed price drops with significant price rebounds. Analysis data reveals ten major price drops exceeding 40% duration following the last four years.
Market movements fail to diminish the currency’s strength as it rapidly rebounds after periods of growth and decline.
Between 2024-25 Solana encountered three substantial market reversals, with the latest leading to a 57.8% drop. Previous data showed correction periods fit within a continuous upward trend pattern.
However, history shows that they frequently create substantial price increases. Solana price showed its ability to recover from significant price drops. It rebounded strongly after hitting its all-time bear market bottom at under $10 in 2022.
Solana Price Prediction: Are Traders Braces for a Potential Surge?
The daily chart analysis of SOL price revealed that it has significantly corrected from its ATH zone. Moving ahead, it retested the 50% Fibonacci retracement level. The traders are bracing for a potential surge as it reaches the demand zone.
With a Relative Strength Index (RSI) reading of 31, it highlighted that the token may be gradually exiting the oversold zone. Moreover, the Open Interest (OI) has risen over 7.32% to $4.43 Billion. The further revealed a fresh, long buildup in the past 24 hours.
The key monitoring levels include $135 and $120, which has been a support point. The $155 and $160 are the resistance levels that, if surpassed, open the door for the $200 mark.
Additionally, Solana price may manage to sustain past the $150 mark. This might be witnessed if the market experiences a reverse rally and retests its ATH zone ahead.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
