Whale Dumps $45.7 Million Worth of Solana (SOL), Sell-off Signal?
Solana (SOL) appears to be losing bullish support and weakening as the market continues its downturn amid ongoing uncertainty.
Whale transfers $45.7 million worth of SOL to Binance
On January 10, 2024, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale transferred 246,064 SOL to Binance, worth $45.76 million.
Data from Whale Alert points to a potential sell-off and reflects investor sentiment as they appear unwilling to go long or hold positions as prices continue to fall over the past three days. According to data, Sol Prices have fallen more than 16% during this period and have now reached key support levels.
Solana (SOL) Technical Analysis and Upcoming Levels
Following a significant price decline over the past three days, SOL has reached key support at $178, which is in line with the 200 exponential moving average (EMA) on the daily time frame. This level seems to be the key to SOL’s success or failure in the coming days.
According to expert technical analysis, if SOL breaks this support and closes below the $175 mark, it could drop 11% to $156, or even lower if the bearish sentiment persists. Conversely, if sentiment changes and SOL manages to hold above $178, an upside rally similar to what was previously observed on the daily chart is likely.
Increased whale activity and FX outflows
This gloomy outlook doesn’t just affect one whale, however. In addition to the trading of this whale, the exchange has witnessed over $60 million worth of SOL outflows in the past 24 hours. Combined with $45.7 million in transfers, this market sentiment saw $60.7 million worth of SOL sell off again.
Current Price Momentum
Currently, SOL is trading close to $182, with the price falling by more than 7.95% in the past 24 hours. During the same period, its trading volume fell by 26%, indicating that trader and investor participation was lower than the previous day.
