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.

As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the recent developments in Solana (SOL). The 20% increase in trading volume and the 4% surge in Open Interest within the past 24 hours indicate an influx of both traders and investors. However, it’s the whale movements that have caught my attention – two significant players have withdrawn a substantial amount of SOL from Binance, seemingly seizing an opportune moment amidst bearish market sentiment.


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

22nd August saw an on-chain analytics firm, Lookonchain, post on their platform (previously Twitter), disclosing that two significant crypto holders, identified as “9tuA8L” and “7CsCGy,” had transferred approximately 56,245 SOL, equivalent to around $8 million, out of Binance.

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

In the current market climate, I find myself sensing that the ‘whales’ are seizing an optimal moment to buy Solana (SOL), perhaps capitalizing on the prevailing bearish trend.

Furthermore, it’s worth noting that this substantial withdrawal occurs while the Federal Open Market Committee (FOMC) suggests a possible reduction in interest rates by September 2024.

Solana price performance and upcoming levels

Regardless of the whale’s enthusiasm, Solana (SOL) was currently trading around $143, marking an increase of 0.75% over the past day.

The number of trades made during that timeframe grew by 20%, suggesting a greater involvement from traders.

Based on AMBCrypto’s examination, Solana (SOL) was maintaining an upward trajectory at the current moment, with its value hovering above the 200-day Exponential Moving Average (EMA), as seen on the daily chart.

Over the past few days, Solana’s price has been confined to a narrow band. A significant shift out of this tight pattern could influence its direction in the upcoming period.

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

As a researcher examining the potential trajectory of SOL, I believe it’s plausible that should an upward trend occur, we might see the price reach around $180. Conversely, if the altcoin experiences a downturn from its current consolidation phase, there’s a potential for it to dip down to approximately $128.

Key liquidation levels

Currently, the Open Interest for SOL has risen by 4% over the past 24 hours, indicating a surge of investor and trader attention, as reported by the on-chain analytics company Coinglass.

Currently, based on Coinglass data, significant sell-off points are around $136 on the low end and $145 on the high end for this asset. At these levels, positions with high leverage may be at risk.

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

If the market sentiment becomes negative and Solana (SOL) drops to around $136, it’s estimated that approximately $136.6 million in long positions will need to be closed out.

If investor enthusiasm increases and the price reaches $145, approximately $47.28 million in short positions would need to be closed out.

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

The current market feeling towards Solana appears optimistic, as indicated by the data, since a greater number of long positions (buyers) were observed than short positions (sellers) at that particular point in time.

In the past day, there was a rise of approximately 2.3% across the entire cryptocurrency market. Notably, leading assets like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) saw gains exceeding 2.5%, 2%, and 1.5% respectively over this period.

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2024-08-22 18:16