In the past 24 hours, $23 million in SOL has been withdrawn from exchanges, prompting interest among traders and analysts. Here we look at the details of these movements and their potential impact on the market.
Movement of Large Capitals in Solana
According to Lookonchain, several large wallets have withdrawn over $23 million worth of SOL from exchanges like Binance and Kraken. Specifically, wallet 7VbjYZ pulled 58,700 SOL worth $11 million, while wallet BnwZvG took out 38,000 SOL valued at $7.3 million. The other two wallets, 2AbHLS and KMhcqN, withdrew $2.8 million and $2.25 million respectively. Such movements often indicate that holders prefer to keep their assets, reducing immediate selling pressure and signaling bullish sentiment.
Reasons for Solana's Price Increase
At the time of writing, SOL is trading at $190.36, up 2.41% over the last 24 hours, with a trading volume of $6.91 billion (+93.1%) and a market capitalization of $102.37 billion. The main reasons for the price surge include: 1. Whale accumulation, indicating confidence from large holders. 2. Technical breakout signs, which are showing a breach of resistance at $190 and the potential for prices to reach above $200.
Predictions for Solana's Price
While predictions for Solana might seem ambitious, some analysts believe that achieving $500K is possible. In the short term, if SOL breaks $200, a rally to $220 is expected. In the mid-term, the target is set for $280 - $320, driven by whale accumulation and eco-system growth. For the long-term, analysts expect a range of $350 - $500, especially if Ethereum and Bitcoin reach their highs.
The active movements of capital in SOL and rising prices might signal the confidence of large investors. Analyzing trends and technical indicators leaves room for optimism for the future of Solana's cryptocurrency.
