{"id":34596,"date":"2023-12-29T11:53:56","date_gmt":"2023-12-29T15:53:56","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34596"},"modified":"2023-12-29T11:53:56","modified_gmt":"2023-12-29T15:53:56","slug":"heres-the-reason-the-solana-price-fell-8-to-98","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/29\/heres-the-reason-the-solana-price-fell-8-to-98\/","title":{"rendered":"Here\u2019s The Reason The Solana price Fell 8% To $98"},"content":{"rendered":"

The Solana price growth for the past few months seems to have hit a barrier<\/a> just above the $120 price level. The price of Solana (SOL) fell around 8%<\/a> on Thursday to about $98, showing the sheer volatile nature of the crypto market.\u00a0<\/p>\n

As a result, Solana slipped below BNB<\/a> in market cap rankings, as the latter rallied 9%<\/a> to take back the fourth spot. According to on-chain data, there\u2019s been an increase in transfers of what looks like profit-taking from Solana whales.\u00a0<\/p>\n

Large Whale Sells $38.2 Million in SOL Tokens<\/h2>\n

When whales move a lot of crypto, they can really shake things up. According to Lookonchain, an anonymous investor deposited 303,756 SOL tokens worth approximately $38.2 million on Binance, possibly as part of a selloff. Further details show this particular whale has made strategic SOL trades in the past, making huge profits.\u00a0<\/p>\n

The whale withdrew 19,704 SOL from Binance on Sept 29. Solana was trading at $20 during this time, making the transfer worth approximately $394,000. The whale would then deposit it into Binance at $43 per token on Nov 8, making $453,000, a 115% profit. Data from Lookonchain shows that the address still has 119,998 SOL tokens worth $12.44 million staked, and is sitting on over $17 million unrealized profit.<\/p>\n

A whale deposited 303,756 $SOL<\/a>($32.8M) to #Binance<\/a> today, possibly selling it for profit.<\/p>\n

The whale withdrew 423,754 $SOL<\/a>($28.18M) at $66.5 from #Binance<\/a> in the past 1 month.<\/p>\n

And still has 119,998 $SOL<\/a> ($12.44M) staked, the profit exceeding $17M!<\/p>\n

This whale also withdrew\u2026 pic.twitter.com\/Sptfj7uUIa<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) December 28, 2023<\/a><\/p>\n

Speculation that other large holders of SOL, known as \u201cwhales,\u201d sold off portions of their holdings recently may have contributed to the recent price dip. Similar social media posts from whale transaction tracker whale alerts have shown various large SOL transfers from private wallets into crypto exchanges on Thursday, suggesting whales locking in profits or reducing their exposure to the token.<\/p>\n

Two of the most notable transactions were the transfer of 1,832,958 SOL worth $182.9 million from an unknown wallet to Coinbase and the transfer of 114,046 SOL worth $11.5 million from another private wallet to Coinbase.<\/p>\n

1,832,958 #SOL<\/a> (182,951,373 USD) transferred from unknown wallet to #Coinbase<\/a>https:\/\/t.co\/7h1GmobutZ<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) December 28, 2023<\/a><\/p>\n

114,046 #SOL<\/a> (11,536,447 USD) transferred from unknown wallet to #Coinbase<\/a>https:\/\/t.co\/5giZek1q0Z<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) December 28, 2023<\/a><\/p>\n

Trading data also suggests traders were moving funds out of SOL to stablecoins. As a result, Solana\u2019s price cascaded and fell from $110 to $98 in 24 hours.\u00a0<\/p>\n\n

Current State Of Solana<\/h2>\n

The SOL community and ecosystem have witnessed one of the best price growth<\/a> this year. Over the past 24 hours, around $18.6 million worth of Solana positions were liquidated, with $10.42 million coming from leveraged long positions, data from CoinGlass <\/a>shows. This profit-taking sentiment seems to have rolled over into BONK<\/a>, Solana\u2019s first dog-themed meme token, which is now 50% down from its all-time high.<\/p>\n

Solana has since recovered some of the loss, and is now trading at $108, showing the crypto hasn\u2019t lost all of its bullish momentum. Solana recently reached a yearly high of $123.76<\/a> on December 25, its highest point in 20 months.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The Solana price growth for the past few months seems to have hit a barrier<\/a> just above the $120 price level. The price of Solana (SOL) fell around 8%<\/a> on Thursday to about $98, showing the sheer volatile nature of the crypto market.\u00a0<\/p>\n

As a result, Solana slipped below BNB<\/a> in market cap rankings, as the latter rallied 9%<\/a> to take back the fourth spot. According to on-chain data, there\u2019s been an increase in transfers of what looks like profit-taking from Solana whales.\u00a0<\/p>\n

Large Whale Sells $38.2 Million in SOL Tokens<\/h2>\n

When whales move a lot of crypto, they can really shake things up. According to Lookonchain, an anonymous investor deposited 303,756 SOL tokens worth approximately $38.2 million on Binance, possibly as part of a selloff. Further details show this particular whale has made strategic SOL trades in the past, making huge profits.\u00a0<\/p>\n

The whale withdrew 19,704 SOL from Binance on Sept 29. Solana was trading at $20 during this time, making the transfer worth approximately $394,000. The whale would then deposit it into Binance at $43 per token on Nov 8, making $453,000, a 115% profit. Data from Lookonchain shows that the address still has 119,998 SOL tokens worth $12.44 million staked, and is sitting on over $17 million unrealized profit.<\/p>\n

A whale deposited 303,756 $SOL<\/a>($32.8M) to #Binance<\/a> today, possibly selling it for profit.<\/p>\n

The whale withdrew 423,754 $SOL<\/a>($28.18M) at $66.5 from #Binance<\/a> in the past 1 month.<\/p>\n

And still has 119,998 $SOL<\/a> ($12.44M) staked, the profit exceeding $17M!<\/p>\n

This whale also withdrew\u2026 pic.twitter.com\/Sptfj7uUIa<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) December 28, 2023<\/a><\/p>\n

Speculation that other large holders of SOL, known as \u201cwhales,\u201d sold off portions of their holdings recently may have contributed to the recent price dip. Similar social media posts from whale transaction tracker whale alerts have shown various large SOL transfers from private wallets into crypto exchanges on Thursday, suggesting whales locking in profits or reducing their exposure to the token.<\/p>\n

Two of the most notable transactions were the transfer of 1,832,958 SOL worth $182.9 million from an unknown wallet to Coinbase and the transfer of 114,046 SOL worth $11.5 million from another private wallet to Coinbase.<\/p>\n

1,832,958 #SOL<\/a> (182,951,373 USD) transferred from unknown wallet to #Coinbase<\/a>https:\/\/t.co\/7h1GmobutZ<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) December 28, 2023<\/a><\/p>\n

114,046 #SOL<\/a> (11,536,447 USD) transferred from unknown wallet to #Coinbase<\/a>https:\/\/t.co\/5giZek1q0Z<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) December 28, 2023<\/a><\/p>\n

Trading data also suggests traders were moving funds out of SOL to stablecoins. As a result, Solana\u2019s price cascaded and fell from $110 to $98 in 24 hours.\u00a0<\/p>\n

Current State Of Solana<\/h2>\n

The SOL community and ecosystem have witnessed one of the best price growth<\/a> this year. Over the past 24 hours, around $18.6 million worth of Solana positions were liquidated, with $10.42 million coming from leveraged long positions, data from CoinGlass <\/a>shows. This profit-taking sentiment seems to have rolled over into BONK<\/a>, Solana\u2019s first dog-themed meme token, which is now 50% down from its all-time high.<\/p>\n

Solana has since recovered some of the loss, and is now trading at $108, showing the crypto hasn\u2019t lost all of its bullish momentum. Solana recently reached a yearly high of $123.76<\/a> on December 25, its highest point in 20 months.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34596","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34596"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34596\/revisions"}],"predecessor-version":[{"id":34602,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34596\/revisions\/34602"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34596"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}