Solana Price Spikes Nearly 7% as 23 Million SOL Transferred
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Key Takeaways
- 23 million SOL moved between private wallets recently.
- SOL’s price spiked 6.76% and is now trading above $145.
- Transactions were not to exchanges, suggesting long-term holding.
Whale Alert data indicated investors could be stacking up on Solana, with 23 million transferred between private wallets on three occasions in a couple of hours on, May 13.
SOL spiked by 6.76% with increased volume. It is currently above $145, coming from its daily low of $138. Notably, none of these transactions went to exchanges, suggesting the tokens were not intended for sale.
Whales Accumulate Solana (SOL)?
As reported by Whale Alert , 23 million Solana were transferred to undisclosed wallets. The first transaction involved $1.58 billion worth of SOL, followed by 11 million tokens sent to another wallet. Three hours later, an additional 1 million SOL were transferred.
The transactions occurred between unknown wallets. This means the deals did not involve any particular exchanges. Usually, when we see larger transactions from exchanges to private wallets, investors transfer to hold for longer periods.
It is still unclear what these tokens are intended for. Nevertheless, we can anticipate some volatility.
Solana (SOL) Price Analysis
On March 18, SOL‘s price peaked at $210 but dropped 21% to $162 by March 20. Following this drop, SOL began to recover, forming an ascending triangle pattern and reaching up to $200, a resistance level.
This resistance rejected the price, causing SOL to fall back to its previous upward trend’s starting point, indicating potential market weakness. This movement might signify the completion of an ending diagonal pattern, suggesting that the subsequent downturn could be a larger corrective phase.
This recent recovery showed signs of weakness as the ascending support stopped it twice. If this analysis is correct, SOL could face another downturn, potentially targeting the next significant support zone at $80.
Even though we saw a recovery today, the price is still in a minor downtrend from May 7, when a rejection occurred at $160. The projection could turn bullish if it manages to hold above $140 and exceeds $160.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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