Solana’s Recent Bullish Momentum
Since Bitcoin’s surge to $35,000, the entire crypto market has been thriving. Solana, in particular, has seen significant gains, with an 84% rally in the past month, pushing its price above $43.
As with any rally, there is always a possibility of profit-taking, which could lead to a local top formation. Recent data suggests that a whale may be looking to do just that.
Large Deposit to Binance
According to Whale Alert, a massive transaction of 249,999 SOL, worth approximately $10.8 million, was recently spotted on the Solana blockchain. Given the size of the transfer, it is likely that a whale entity was behind it.
Transactions of this magnitude can have noticeable effects on the market. In this case, the transfer was from an unknown wallet (likely belonging to the whale) to a wallet associated with Binance exchange. This move suggests that the whale may have intended to sell their holdings and take profits from the recent rally.
If selling was indeed the goal, the cryptocurrency price could face resistance in the near future as a result of this large deposit to Binance.
Hot Take: Potential Bearish Impact on Solana Price
The substantial deposit of SOL worth $11 million to Binance by a whale investor could lead to selling pressure and resistance for Solana’s price in the upcoming period. Keep an eye on how this large transaction affects the market and consider its potential impact on your investment strategy.
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