Solana Price Falls 5% as Whale Activity Triggers Decline

by Giorgi Kostiuk

2 years ago

Solana's current market situation has attracted investor attention following a significant transaction that led to a notable drop in token value.

Whale Activity Triggers Solana Price Decline

The 5% price decline of Solana is linked to a large transaction on the Kraken exchange. Tokens valued at $20.49 million were transferred from a wallet belonging to Pump Fun.n, leading to a 51.48% increase in trading volume.

Pump fun: Fee Account transferred about 98,594 SOL to Kraken at 1:04 UTC+8 today through a wallet: 8sp5im...Rac3sM, worth about 20.49 million US dollars. Currently, pump fun still holds 15,721 SOL and 101,102 JITSOL, with a total value of about 27.10 million US dollars.Wu Blockchain

Market Metrics Indicate Volatility

Solana's market capitalization fell by 5.08% to $95.41 billion. The trading volume rose to $5.21 billion, largely due to the whale transaction. Currently, 81.7% of available tokens are being traded, highlighting market volatility.

Solana Support and Resistance Levels

Key support and resistance levels impact Solana's near-term trend. The $194 level is the initial support, with a threat of increased selling pressure below it. Breaking the $200 level could signal a potential trend reversal.

Whale activity significantly impacts Solana's price, leading to short-term fluctuations. Future recovery will depend on the market's supply and demand balance.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Tier I

Requires 25% Tier Progress to Claim

Meme Cache

Tier I

Requires 50% Tier Progress to Claim

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Tier I

Sector: #18291

25%

50%

75%

100%

Tier II

Survivors rescued:

0 / 600

Survivors

0/0

Transmit Signal

Broadcast this sector's coordinates to other rescuers.

Other news

Analysts Predict Bitcoin Surge Could Benefit Shiba Inu

Wall Street analysts predict that Bitcoin could reach 100,000 by the end of the year, which may positively impact Shiba Inu's price.

Zainab Kamara8 hours ago

Shiba Inu SHIB Faces Price Correction After Brief Recovery

Shiba Inu's price briefly reclaimed the 0000006 level but has since dipped to 0000005, indicating potential for further decline.

Son Min-ho8 hours ago

OpenAI Launches New Agentic Browser Feature for ChatGPT Work

OpenAI has launched a new agentic browser feature in ChatGPT Work, allowing the AI to manage tasks on login-protected sites while maintaining session persistence.

Ayman Ben Youssef2 days ago

Surge in AI-Generated Vulnerabilities Threatens Bitcoin Security

The Bitcoin Red Team reports a surge in AI-assisted vulnerability findings across Bitcoin projects, highlighting the urgency of addressing security flaws.

Tando Nkube2 days ago

Core Lightning Developers Issue Urgent Warning on Vulnerabilities

Core Lightning developers issue critical warning to node operators about vulnerabilities in AI-generated security reports, urging prompt updates or offline operation to secure payment channels.