Solana (SOL) Whales Move $55 Million Worth of Tokens to Centralized Exchanges, But Price Remains Stable

If SOL remains above the $150 level, there is a high chance it could soar 20% to the $186 level. SOL's open interest has increased by 2.78%, indicating interest from investors and institutions.

Solana (SOL) whales have shifted a substantial 355,257 SOL, valued at $55.01 million, amidst market stability, as reported by Whale Alert on August 10, 2024. This bulk transaction has garnered significant attention within the crypto sphere.

? 200,345 #SOL (31,092,646 USD) from unknown wallet to #Coinbase

https://t.co/6U9jHEuLXv

notable Notably, this whale movement coincides with SOL hovering at a crucial level, and this shift didn’t influence the price of SOL.

Expert technical analysis bodes well for Solana (SOL), with the coin currently positioned at a critical support level of $150. Following the breakout of this level on August 8, 2024, there is a high probability that SOL is retesting this breakout in preparation for an upward rally.

At the current price level, two possibilities may unfold in the coming days. If SOL sustains itself above the $150 level, there is a greater chance it could surge 20% to reach the $186 level. On the other hand, if SOL fails to maintain above $150 and falls below, there is a higher possibility it could drop back to the $130 level.

Moreover, SOL is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, which is a technical indicator that suggests an uptrend in the asset's price.

Solana's price analysis at the moment indicates that SOL is trading at $153.35 with a 0.75% price increment in the last 24 hours. Despite the stability in SOL's price, its trading volume has dropped by 46% during the period. This decline in trading volume could indicate fear in the market, leading to less participation from traders.

Meanwhile, there has been a 2.78% increase in SOL's open interest, suggesting growing interest from investors and institutions in the last 24 hours.

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