Solana Whales Move $82 Million Worth Of SOL
Two large transactions involving Solana (SOL) have sparked interest in the crypto community due to their potential impact on the token’s price. These transactions come at a time when SOL is at risk of dropping below the psychological price level of $90.
Speculations Surrounding the Transactions
An unknown wallet address moved 659,283 SOL to another unknown wallet address. The movement of such a significant amount of SOL has led to speculation about the intentions of the wallet owner. One theory suggests that the tokens may be offloaded, which could negatively affect SOL’s price. However, since the tokens were not sent to a centralized exchange, it raises the possibility that they were transferred for other purposes.
A Positive Transaction for the Solana Community
In a separate transaction, 150,000 SOL was sent from a wallet address linked to the Bybit crypto exchange to an unknown wallet address. Moving tokens from a centralized exchange like Bybit often indicates a bullish sentiment as it suggests long-term holding and belief in future gains.
SOL Faces Support Level Test
SOL’s price has been on a downward trend, testing its $100 support level. There are concerns that if it fails to find support at $90, it could drop further. Crypto analyst Bluntz Capital predicts a potential bounce before a downward movement towards $88.99.
Current Price Update
At the time of writing, SOL is trading at around $93, experiencing a 7% decrease in the last 24 hours.
Hot Take: Solana Whales’ Transactions Raise Questions About Token’s Price
The recent high-volume transactions involving Solana have brought attention to the potential impact on the token’s price. While one transaction raises concerns about a potential sell-off, the other transaction provides some relief as it suggests long-term holding. With SOL facing a critical support level test, its future price movement remains uncertain. The crypto community will be closely watching to see how these transactions and market conditions unfold and whether they will influence SOL’s value in the coming days.
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