A significant transaction involving a large amount of SOL has drawn analysts' attention to recent changes in the Solana market. How might this affect the cryptocurrency price?
Whale Activity and Its Impact on Solana Price
A whale withdrew 174,767 SOL from Binance, worth approximately $30.37 million at current prices. These funds were then staked. Solana's market price reached $178, showing a 3% rise, but later retraced to $173.68, reflecting a 2.34% drop over the past 24 hours.
Will Solana Bounce Back to $180?
Despite fluctuations, Solana has demonstrated upward price actions following whales' market engagement. The price remained consolidated after adjustment from $180.15 to $178.83 and now at $173.63, indicating high volatility as assets seek to return to critical levels.
Market Analysis and Future Prospects
The ADX indicator measured at 41.52, indicating a strong market trend. However, the decline in ADX values suggests potential consolidation or short-term reversal. The market faces resistance at the $180 mark, indicating potential slowdown in price growth. The $176 area holds strong support and may provide a basis for price stabilization.
Large whale transactions and high volatility have substantial effects on the Solana market. Investors focus on the potential for price recovery to $180.
