Many digital currencies are in consolidation mode, with Solana (SOL) fighting to stay above the $124 support zone.
Current Solana Market Situation
While the extreme sell-off has faded, Solana was changing hands for $124.26, up by a marginal 0.16% in 24 hours. Important whale movements over the past few hours suggest bullish positioning among whale investors that might trigger an uptick in the price of SOL.
Major Solana Purchases on Binance
According to data insights from Lookonchain, a newly created wallet address withdrew 201,755 SOL from Binance exchange. This transaction, valued at $25 million then, signals renewed interest in Solana in what many might see as a discount for the coin.
Solana Prospects According to Experts
Over the past few months, Solana has established itself as one of the best-performing altcoins on the market. After attaining an all-time high (ATH) of $294.33 on January 19, the SOL price has nosedived, in line with the broader market sell-off. However, several rebounds suggest a sentiment shift might be ahead. Oversold indicators like RSI also point towards a potential future hike.
Despite recent challenges, Solana continues to attract significant investor attention, potentially leading to new price increases.
