Connect with us
Active Currencies 14822
Market Cap $2,403,978,313,220.60
Bitcoin Share 50.63%
24h Market Cap Change $2.88

Solana whales on the move: Will it push SOL’s price to $200?

2min Read

Data shows whales have sent a massive amount of SOL to Coinbase exchange.

Solana news

Share this article

  • SOL resisted a nosedive despite the large exchange inflow.
  • Technical analysis suggested a bearish bias for the token.

Four Solana [SOL] transactions valued at almost $160 million were sent to Coinbase, according to a Whale Alert post on X. From AMBCrypto’s observation, all transactions happened around the same period.

Typically, when whales send a large number of tokens, the cryptocurrency affected, experiences a decline. This is because the intent is usually to sell.

SOL proves strong

For SOL, this has not been the case. At press time, Solana’s price was $196.37— a similar price that it was 24 hours ago. The value of the cryptocurrency indicates that the participant involved might not have sold the tokens yet.

If the same goes through, then the price of the token might decline. Should selling pressure be intense, the value of SOL might drop below $190.

Besides this speculation, AMBCrypto looked at Solana’s on-chain condition. According to Santiment, development activity on the network had dropped to 10.55.

Development activity tracks the public GitHub repositories dedicated to a project. If the metric increases, then it means developers are contributing codes to the proper functioning of the network

However, the decline in the metric implies that features shipped on the network had reduced. Concerning the sentiment around SOL, this condition implies that participants were bearish on the token.

We also checked the Weighted Sentiment. According to on-chain data, the Weighted Sentiment had climbed from the negative region.

Solana's development and price prediction

Source: Santiment

This reading implied that comments about SOL were mostly positive. If this continues, then the predicted decline might not last for a long period. Should the sentiment continue to rise, then SOL might climb past $210.

A decline may be next

From a technical perspective, AMBCrypto considered the Exponential Moving Average (EMA). As of this writing, the 9 EMA (blue) had crossed over the 20 EMA( yellow). Typically, this would have suggested a bullish bias.

But SOL’s price at press time was on the verge of dropping below the EMAs. Once it does, SOL’s bullish thesis might be invalidated.

Furthermore, the Relative Strength Index (RSI) showed that buying momentum had decreased. If the reading continues to decrease, SOL might find it hard to bounce.

A look at the On Balance Volume (OBV) revealed that the reading had stalled. This implies that buying pressure was almost non-existent. However, the reading did not support intense selling pressure either.

Solana price prediction

Source: TradingView


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


When all of these indicators are combined, one can assume that Solana might not be ready for an upward trajectory. Instead, the price of the token might move sideways.

In a highly bullish case, the price of SOL might move toward $210. But a bearish thesis for SOL could see the price of the cryptocurrency slump as low as $171.

Share

Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.