A crypto whale with the wallet tag “AA21…VxH9″ moved 123,500 SOL, worth $20.80 million, from Binance today, according to Lookonchain.
The large transfer happened while the market was recovering, with signs of accumulation. However, Solana’s price has not reacted much, as it still stays around its recent levels.
As of now, Solana (SOL) is priced at $172, up 6% in the last 24 hours. But its trading volume has dropped by 28% according to Coinmarketcap.
SOL has recently fallen below its $180 support and has also moved below the 200 EMA (Exponential Moving Average), which is an indicator of a bearish direction.
Based on the chart via TradingView, SOL might be stuck between $160 and $180 unless it breaks above $190. If the price falls below $160, it could drop another 20% to $120. For now, the market is waiting to see if buyers step in or if the price keeps falling.
Nevertheless, some traders are still betting that SOL’s price will go up. The data from Coinglass showed that there are $145 million in long positions at the level of $162.8.
This shows that lots of traders are confident that SOL will not drop below this level, which makes it a strong support zone for now.
Also Read: Binance Resumes USD Deposits and Withdrawals After 18 Months
