Despite the ongoing downturn in the cryptocurrency market, a newly established wallet has gained attention by purchasing $25 million worth of Solana. This transaction suggests potential growth for the cryptocurrency.
Significant Solana Acquisition Amid Market Downturn
On March 13, 2024, the blockchain analytics platform Lookonchain reported a substantial transaction: a wallet withdrew 201,755 SOL from the Binance exchange. This occurred when the SOL price remained stable at $120, despite a 25% decrease in trading volume over the past 24 hours.
Technical Analysis and Solana's Support
Technical evaluations suggest that SOL has established robust support at the crucial $120 mark. Positive patterns emerging on daily charts indicate that the altcoin might be on the verge of a substantial increase. Should SOL maintain its position above $116, predictions indicate it could soar by approximately 45%, reaching as high as $180 soon.
Investors Opting for Long Positions in SOL
On-chain data from Coinglass reveals that SOL holders are currently favoring long positions, with concentrations noted between $123 and $128.3. Approximately $144 million worth of these positions have been established at these levels. Current indicators suggest a strong potential for price recovery in SOL, despite negative market trends.
Market dynamics suggest that Solana may be preparing for an upward shift as confidence grows among investors. The outcome of this trend will significantly influence SOL’s trajectory in the coming days.
