Solana Whale Drops $28 Million SOL Price, Price Cut Coming?
The current market seems to be confusing for traders and investors due to the surge in prices over the past few days. Amid this market turmoil, a crypto-well has reportedly dumped 149,999 Solana (SOL) on Binance, worth $27.92 million, according to blockchain-based transaction tracker X (formerly Twitter).
Crypto Well Waste 149,999 SOL
However, this significant exchange dump occurred as Solana's benchmark on the chain showed signs of bullishness at the critical support level of $185. According to data from on-chain analytics firm CoinLas, traders who play long positions are twice as profitable as those who play short positions.
Bullish metrics on the chain amid sales
According to the data, traders are overused at the $182.5 level, with long positions of $93.01 million recorded in the last 24 hours. Meanwhile, the $189.4 level is another overused zone, with short sellers accumulating an impressive $47.81 million in short positions.
This data indicates that the bets on the long side are much higher than those on the short side, indicating bullishness among traders.
In addition to the participation of traders, long-term holders seem to be collecting tokens. Exchanges have seen a record $50.51 million worth of Solana (SOL) exit in the last 24 hours, according to data from the space inflow/outflow.
In the cryptocurrency landscape, the outflows of assets are viewed as volatile to long-term wallet holdings, indicating potential accumulation. Additionally, this measure on the chain could create buying pressure and lead to an inverted rally.
Solana (SOL) price action and key levels
All this happens when SOL is trading near the critical support level of $183 and the 200 Exponential Moving Average (EMA) on the daily time frame. SOL's daily chart shows that the altcoin has not experienced any major price declines below the 200 EMA since June 2024, making SOL a good buying opportunity.
The last time SOL reached this stage, it experienced a remarkable move. Based on the previous price movements, experts and analysts predict the same upward trend in the coming days. If this happens, there is a strong possibility that SOL will rise by 18% to reach the $220 mark in the near future.
Current price momentum
At press time, SOL is trading near $186, a modest 0.50% price drop over the past 24 hours. Due to the instability in the crypto market, the trading volume of SOL decreased by 32.5%.
