Solana tokens worth $4.52 million were acquired by a single whale within 12 hours of their previous activity. This roughly translates to 34,807 SOL. It follows the withdrawal of 206,951 SOL worth approximately $29.3 million. The withdrawal was done from two exchange platforms, namely Binance and MEXC. The average price comes to ~$142, in addition to staked tokens worth $15.3 million.
For reference, a single unit of SOL is exchanging hands at $134, up by 4.65% in the last 24 hours, at the time of writing this article. It further reflects a drop of 0.36% in the last 7 days and a fall of 13.89% in the last 30 days.
Withdrawing Solana tokens, or any other token for that matter, often represents a growing interest in holding on to the token. The idea is to retain the portfolio until there is a sufficient surge that enables banking profits to be easily accessed. It also leads to the unavailability of funds on the platform. So, there are fewer tokens to exchange hands at the current time. The simultaneous acquisition contributes to that sentiment in the manner of accumulation, which is to say, it augments the already existing assets of investors.
SOL has an optimistic prediction that begins in the next 5 days. The token is expected to increase by 0.56% to $133.86, and then experience a 14.57% surge in the next 30 days, resulting in a value of $152.50.
A jump in Solana is being linked to BTC‘s performance. According to reports, the flagship cryptocurrency is losing money and has experienced outflows worth $643 million. Products associated with Bitcoin—a major hint at Spot Bitcoin ETFs—are not performing as per expectation. Investors are losing interest in altcoins, although there is still a lingering curiosity.
BTC is trying to inch closer to $60k as soon as possible. This is a milestone that the token has not been able to reach in quite some time. Solana has emerged as one of the most preferred options. Macroeconomic factors are contributing to the fluctuations in BTC. Thereby, helping SOL indirectly. A support level of $53,500 is appropriate for bitcoin. A drop below that margin would open the doors to a larger decline.
Regarding SOL, the purchase and withdrawal of the token by whales indicates their confidence in it. It is poised to soar in the next 30 days, ultimately ending the year at around $180 if all factors align favorably in the books. Crypto enthusiasts support the assumption that SOL has a bullish future. Some of them have called it a hint at strong future moves, while others are wondering if staking SOL is actually a good idea.
LookOnChain first reported the development almost an hour after Metalpha highlighted the 10,000 ETH deposit.
Source: https://www.cryptonewsz.com/whale-buys-34807-sol-in-12-hours/