SOL Struggles Under $150, What’s Next?

Solana(SOL) price has been experiencing a horizontal market trend with modest gains recently. Over the last several days, its price has shown some fluctuations. Similar to other cryptocurrencies, Solana has witnessed a slight market rebound, signaling a potential upturn in investor sentiment.

Solana Price Whales Transfer 8M Tokens: Is SOL Poised for Breakout?

The latest update from Lookonchain, an on-chain analytics firm, on X reveals substantial activity in the Solana market. On August 22, two prominent cryptocurrency investors, known by their addresses “9tuA8L” and “7CsCGy,” collectively transferred 56,245 SOL, valued at approximately $8 million, from Binance [BNB]. 

2 whales bought $SOL and staked!

9tuA8L withdrew 30,000 $SOL($4.25M) from #Binance and staked 7 hours ago.https://t.co/1YCSgze4nv

7CsCGy withdrew 26,245 $SOL($3.72M) from #Binance and staked 6 hours ago.https://t.co/WYUZhKdoRb pic.twitter.com/VtbSTAA3pk

— Lookonchain (@lookonchain) August 22, 2024

The former account moved 30,000 SOL, whereas the latter transferred 26,245 SOL. This significant acquisition suggests that these investors are capitalizing on the current favorable buying conditions despite the overall bearish sentiment in the market.

Data from the analytics platform Santiment highlights fluctuations in these metrics. The graph presents two lines: the green for Solana’s price and the red for whale stablecoin holdings. Periods where increases in whale holdings align with rises in Solana’s price are visible. 

A sharp increase in stablecoin holdings by whales appears without an immediate Solana price increase. 

This could indicate a preparatory phase by investors, possibly hinting at upcoming market transactions. The influence of whales through substantial stablecoin transactions warrants ongoing observation. 

Solana price has seen significant fluctuations over the past 24 hours. The altcoin has been hovering between a high of $144.81 and a low of $140.93, indicating volatility in the market. As of reporting time, the SOL price hovered at $142.82, making a slight surge of 1.10% during the day.

Over the past month, the price of Solana has experienced a significant downturn, declining by 20.26%. The past week alone saw a further decrease of 1.70%, continuing the downward trend. 

Can Solana Hold $170 Amid Volatility?

The layer 2 cryptocurrency is struggling to break past the $193 mark. If buyers intensify their efforts, the Solana price prediction could reach $200 and possibly even $250 in an upcoming rally.

The Moving Average Convergence Divergence (MACD) indicator slightly converges below the zero line, indicating weak bearish momentum. The MACD line is just above the signal line, suggesting a potential shift in momentum or stabilization in the near term.

Additionally, the Relative Strength Index (RSI) stands at 49. This value suggests that SOL/USDT is neither overbought nor oversold, supporting a balanced market environment without immediate directional bias.

A key support level of $170 is vital to stabilize the Solana price. On the downside, increased selling pressure could push the price below this point to $160. If this downward trend persists, SOL value may dip further to $150.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.