- In a rather curious turn of events, two wallets have whisked away a staggering 1.34 million SOL from Coinbase Prime, suggesting that while the price may be dipping, the whales are quietly accumulating like a squirrel hoarding acorns for winter.
- Should the noble price of $156 hold its ground, we might just see SOL gallivanting up by 16% to a sprightly $184—but one misstep could send it tumbling down the rabbit hole of deeper corrections.
Our dear Solana [SOL] had a brief flirtation with the $168 mark before deciding to cool its heels, indicating that a healthy correction phase might be just around the corner, perhaps with a cup of tea in hand.
Of course, the antics of the whales and the on-chain signals have left many scratching their heads, pondering whether this dip is merely a prelude to a more robust ascent. Ah, the mysteries of the crypto world!
Whales and Institutional Participation: A Skyrocketing Affair
On the 12th of June, our trusty whale tracker, Onchain Lens, reported that two newly minted crypto wallets had whisked away a jaw-dropping 1,348,741 SOL, valued at a princely $219.99 million, from Coinbase Prime. Quite the heist, wouldn’t you say?
This hefty withdrawal is usually the hallmark of whales or institutions, and it appears to be a bullish sign for our dear asset. However, the whale in question has decided to stake all this SOL, indicating a long-term faith in Solana. A bullish sign indeed, and perhaps a golden opportunity for the savvy investor!
In addition to this whale-sized transaction, it seems that investors and long-term holders are also accumulating the token, as the price appears to be heading for a correction. A veritable feeding frenzy!
$21.82 Million Worth of SOL Outflow: A Financial Fiasco?
According to CoinGlass’ Spot Inflow/Outflow metric, exchanges across the crypto landscape have recorded an outflow of $21.82 million worth of SOL tokens in the past 24 hours. Quite the exodus!
This substantial outflow suggests potential accumulation, which could lead to buying pressure and a further upside rally. However, despite this bullish backdrop, the price took a brief dip of 4% to $159.60, in line with the broader correction. Oh, the irony!
Solana Bulls: Loud and Proud, But Are They Jumping the Gun?
In light of the current market sentiment, traders are increasingly placing their bets on the bullish side. At press time, Binance’s Long/Short Account Ratio hit a staggering 2.40, with 70.61% of traders holding long positions. Quite the bullish brigade!
This strong skew suggests that leveraged traders are continuing to bet on the upside, despite the pullback. Meanwhile, short positions account for a mere 29.39%, indicating that bears are still hesitant to join the fray. A rather timid bunch, if you ask me!
When we combine these metrics, it appears that the bulls are currently dominating the altcoin scene, helping to keep SOL in an uptrend. Bravo!
Solana: Price Action and Key Levels—A Rollercoaster Ride!
According to AMBCrypto’s chart analysis, SOL seems to be in an uptrend, although it is currently experiencing a market correction. A classic case of two steps forward, one step back!
The daily chart revealed that the altcoin recently surged over 15% to reach the $168 level but is now retesting a local support zone near $157.80. A nail-biting moment for traders!
If buyers can defend the $157 mark, another push to $184—roughly 16% higher—remains a tantalizing possibility. However, should sellers take the reins and the price break below $156, we might be looking at downside targets of $148 and $142. A veritable cliffhanger!
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2025-06-12 16:12