Solana Price Hits Barrier Above $120
The price of Solana (SOL) experienced a decline of around 8% on Thursday, dropping to about $98. This highlights the volatile nature of the crypto market and suggests that the recent growth in Solana’s price has hit a barrier just above $120.
Solana Slips Below BNB in Market Cap Rankings
As a result of the price drop, Solana slipped below Binance Coin (BNB) in market cap rankings. BNB rallied 9% and reclaimed the fourth spot. On-chain data indicates an increase in transfers that appear to be profit-taking from Solana whales.
Large Whale Sells $38.2 Million in SOL Tokens
An anonymous investor deposited 303,756 SOL tokens worth approximately $38.2 million on Binance, potentially as part of a selloff. This whale has previously made strategic SOL trades, resulting in significant profits.
The whale withdrew 19,704 SOL from Binance on September 29 and deposited it back at a higher price on November 8, making a profit of 115%. The address still holds 119,998 SOL tokens worth $12.44 million staked, with over $17 million unrealized profit.
Speculation of Whale Sell-Offs
Speculation suggests that other large holders of SOL, known as “whales,” have also sold off portions of their holdings recently. Whale transaction tracker alerts have shown significant SOL transfers from private wallets to exchanges, indicating whales locking in profits or reducing exposure to the token.
Notable transactions include the transfer of 1,832,958 SOL worth $182.9 million to Coinbase and the transfer of 114,046 SOL worth $11.5 million to Coinbase from private wallets.
Solana Price Recovers, Trading at $108
Despite the recent price dip, Solana has recovered some of its losses and is currently trading at $108. This indicates that the crypto still retains some bullish momentum. Solana reached a yearly high of $123.76 on December 25, its highest point in 20 months.
Hot Take: Solana Faces Volatility as Whales Take Profits
The recent price decline in Solana highlights the volatile nature of the crypto market. Large whales selling off their holdings and locking in profits have contributed to this downward trend. While the price has recovered to some extent, it remains uncertain how Solana will perform in the near future. Traders and investors need to closely monitor whale activity and market trends to make informed decisions regarding SOL tokens. The crypto market continues to be influenced by various factors, making it crucial for participants to stay vigilant and adapt their strategies accordingly.
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