Solana (SOL) Whales Move $55M Tokens to Binance and Coinbase, as Price Prediction Hints at Bullish Outlook

The current market sentiment is quite neutral, with most cryptocurrencies at their crucial level. Amid this stability, Solana (SOL) whales have moved

Solana (SOL) whales have shifted a large amount of tokens to centralized exchanges, including Binance and Coinbase, over the last 24 hours, as indicated by the blockchain-based transaction tracker Whale Alert.

This massive transaction, valued at $55.01 million, was highlighted by Whale Alert in a post on X (formerly Twitter) on August 10, 2024, garnering significant attention within the crypto community.

However, it's noteworthy that this movement by whales occurred while SOL was trading at a crucial level. Despite the large volume of tokens being moved, this activity had minimal impact on the price of SOL.

Solana Price Prediction

A bullish outlook is suggested by expert technical analysis for Solana (SOL). At present, it trades at a crucial support level of $150. Following the breakout of this level on August 8, 2024, SOL is likely to be retesting this breakout level in preparation for an upside rally.

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

As of now, SOL maintains itself above the 200 Exponential Moving Average (EMA) on a daily time frame. The price of any assets above the 200 EMA hints that the assets are in an uptrend.

Solana Price Analysis

At press time, SOL trades near the $153.35 level and has experienced a price jump of 0.75% in the last 24 hours. Despite stability in the SOL’s price, its trading volume has dropped by 46% during the period. This decline in trading volume suggests fear around the market caused lower participation from traders.

Meanwhile, SOL’s open interest has increased by 2.78%, indicating interest from investors and institutions has increased in the last 24 hours.

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