2 Solana whales move 8M tokens: Will SOL break out?

• SOL’s trading volume has increased by 20%, indicating higher participation from traders.
• SOL’s Open Interest has increased by 4% in the last 24 hours as well, signaling growing interest from investors.

In this highly volatile cryptocurrency market, two whales have purchased and staked a significant amount of Solana [SOL] from Binance [BNB].

On the 22nd of August, on-chain analytic firm Lookonchain made a post on X (formerly Twitter), stating that two whale addresses, namely “9tuA8L” and “7CsCGy,” had withdrawn over 56,245 SOL worth $8 million from Binance. 

The former withdrew 30,000 SOL while the latter withdrew 26,245 SOL.

With these recent withdrawals, it appears that whales have found the perfect buying opportunity in SOL amid bearish market sentiment.

Additionally, this significant withdrawal comes as the Federal Open Market Committee (FOMC) has hinted at a potential interest rate cut in September 2024.

Solana price performance and upcoming levels

Despite whale’s interest, SOL was trading near $143 at press time, having experienced a price surge of 0.75% in the last 24 hours.

Its trading volume has increased by 20% during the same period, indicating higher participation from traders.

According to AMBCrypto’s analysis, SOL remained in an uptrend at press time, as it held above the 200 Exponential Moving Average (EMA) on a daily time frame.

However, over the last few days, SOL’s price has been consolidating within a tight range. Based on the price action, a breakout from this consolidation will be crucial in determining the altcoin’s next move.

Source: TradingView

If it breaks out to the upside, there is a strong possibility that SOL could hit the $180 level. On the other hand, if the altcoin breaks down from the consolidation, there is a possibility it could fall to the $128 level.

Key liquidation levels

At press time, SOL’s Open Interest had increased by 4% in the last 24 hours, signaling growing interest from investors and traders, according to data from the on-chain analytics firm Coinglass. 

As of now, the major liquidation levels were near $136 on the lower side and $145 on the upper side, according to Coinglass data. As per data, highly leveraged at these levels.

Source: CoinGlass

If the sentiment turns bearish and the SOL falls to the $136 level, nearly $136.6 million worth of long positions will be liquidated.

Conversely, if investors’ interest grows and the price rises to $145, nearly $47.28 million of short positions will be liquidated. 

Read Solana’s [SOL] Price Prediction 2024-2025

This liquidation data suggested that, at the time of writing, market sentiment for Solana was bullish, as there were fewer short positions compared to long positions.

Meanwhile, the overall cryptocurrency market was up by 2.3%. Top assets such as Bitcoin [BTC], Ethereum [ETH], and Dogecoin [DOGE] experienced surges of over 2.5%, 2%, and 1.5%, respectively, in the last 24 hours.