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Solana
(SOL)
whales

are
at
it
again,
as
they
are
seen
to
have
moved
a
significant
amount
of
their
Solana
holdings
in
the
last
24
hours.
This
comes
amidst
the
bearish
sentiment
in
the
crypto
market,
which
has
also
caused

Solana’s
price

to
decline. 

Solana
Whales
Move
Over
$500
Million
Worth
Of
SOL
In
Several
Transactions

On-chain

data

shows
that

Solana
whales

have
conducted
six
large
transactions
in
the
last
24
hours.
The

first
transaction

involved
the
transfer
of
over
1.5
million
SOL tokens
($216
million)
to
an
unknown
wallet
(HCC…wmr).
This
wallet
then

sent

1.13
million
SOL tokens
($163
million)
to
four
different
unknown
wallets,
with
this
unknown
wallet
(Auj…yhS)
a
majority
of
the
transferred
funds
(1
million
SOL
tokens).

Related
Reading

The

third
transaction

involved
the
transfer
of
just
over
1
million
Solana
tokens
($144
million)
from
an
unknown
wallet
(GYj…gG6)
to
another
unknown
wallet
(4Ax…TAh).
This
wallet
then

transferred

the
tokens
to
another
unknown
wallet
(3vx…kom).
The
fifth
transaction
still
involved
the
unknown
wallet
(3vx…kom),
which

moved

1.6
million
Solana
tokens
($230
million)
to
another
unknown
wallet
(FnH…Arr).

This
unknown
wallet
then

transferred

the
received
tokens
to
a
Coinbase-linked
wallet.
This
transaction
suggests
that
the
Solana
whale
may
be
looking
to
offload
their
tokens,
which
would
negatively
impact

Solana’s
price.
However,
the
earlier
transactions
indicate
that
the
other
Solana
whales
may
just
be
rotating
their
capital
between
wallets
rather
than
offloading
them
on
the
market. 

This
is
also
feasible
considering
that
there
has
been
a
lot
of
activity
on
the

Solana
network,
with
traders
actively
trading
due
to
the
ongoing
meme
coin
frenzy.

Data

from
DappRader
shows
that
the
transaction
volume
on
the
network
has
continued
to
soar
despite
SOL’s
declining
price. 

What
Next
For
SOL’s
Price

Crypto
analyst
Ali
Martinez

recently

mentioned

that
Solana
is
set
for
a
“major
53%
price
move.”
He
added
that
the
market
should
keep
an
eye
on
the
$143
support
and
$178
resistance
levels
to
gauge
sentiment
on
the
crypto
token. 

Crypto
analyst
Jelle

seems
to
have
a
bearish
sentiment
toward
SOL.
He

recently
revealed

that
Solana
has
failed
to
repeat
a
similar
pattern
from
earlier
in
the
year
and
has
now
lost
the
$150
support
level.
He
stated
that
he
wouldn’t
be
surprised
if
Solana
dropped
to
as
low
as
$140. 

Crypto
analyst
Altcoin
Sherpa

also
revealed
his
bearish
sentiment
for
SOL,
stating
that
the
current
celeb
meta
isn’t
“healthy”
for
the
crypto
token’s
ecosystem.
He
added
that
Solana’s
chart
looks
“pretty
scary”
and
that
Ethereum
will
probably
continue
outperforming
it
for
this
next
stretch. 

Related
Reading

Altcoin
Sherpa

also
discussed
the
possibility
of
Solana
dropping
to
as
low
as
$120
while
analyzing
its
USDT
pair.
He
stated
that
he
wouldn’t
invest
in
Solana
until
it
dropped
to
$140
and
that
he
might
just
continue
to
wait
until
it
fell
to
around
$120.
In
the
long
term,
the
crypto
analyst
is
still
bullish
on
Solana
and

expects

it
to
rise
above
$500
this
year. 

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson

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