Solana (SOL) whales are at it again, as they’ve moved a significant portion of their Solana holdings in the last 24 hours. This comes amid the bearish sentiment in the crypto market, which has also led to Solana’s prize to refuse.
Solana whales move more than $500 million worth of SOL in various transactions
On a chain facts shows that Solana whales have made six major trades in the last 24 hours. The first transaction involved the transfer of over 1.5 million SOL tokens ($216 million) to an unknown wallet (HCC…wmr). This wallet then sent 1.13 million SOL tokens ($163 million) to four different unknown wallets, with this unknown wallet (Auj…yhS) representing the majority of the funds transferred (1 million SOL tokens).
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The third transaction involved the transfer of just over 1 million Solana tokens ($144 million) from an unknown wallet (GYj…gG6) to another unknown wallet (4Ax…TAh). This wallet then transferred the tokens to another unknown wallet (3vx…kom). The fifth transaction still involved the unknown wallet (3vx…kom). moved 1.6 million Solana tokens ($230 million) to another unknown wallet (FnH…Arr).
This unknown wallet then transferred the received tokens to a Coinbase-linked wallet. This transaction suggests that the Solana whale may want to lose their tokens, which would have a negative impact Solana’s prize. However, the past transactions indicate that the other Solana whales may simply be switching their capital between wallets rather than putting it into the market.
This is also feasible given that there has been a lot of activity on the Solana Networkwith traders actively trading due to the ongoing meme coin frenzy. Facts from DappRader shows that transaction volume on the network has continued to rise despite the falling price of SOL.
What now for the price of SOL
Crypto analyst Ali Martinez recently named that Solana is poised for a “major price move of 53%.” He added that the market should keep an eye on the $143 support levels and $178 resistance levels to gauge sentiment on the crypto token.
Crypto analyst Jelle seems to have a bearish sentiment towards SOL. He recently unveiled that Solana has failed to repeat a similar pattern from earlier this year and has now lost the $150 support level. He stated that he would not be surprised if Solana dropped to $140.
Crypto analyst Altcoin Sherpa also revealed his bearish sentiment for SOL, stating that the current celeb meta is not “healthy” for the crypto token ecosystem. He added that Solana’s chart looks “pretty scary” and that Ethereum is likely to continue to outperform in the coming period.
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Altcoin sherpa also discussed the possibility of Solana falling to $120 while analyzing his USDT pair. He stated that he would not invest in Solana until the price fell to $140 and that he might wait until the price fell to around $120. In the long term, the crypto analyst is still optimistic about Solana and expected this year it will top $500.
Featured image created with Dall.E, chart from Tradingview.com