{"id":35682,"date":"2024-02-01T18:52:44","date_gmt":"2024-02-01T22:52:44","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=35682"},"modified":"2024-02-01T18:52:44","modified_gmt":"2024-02-01T22:52:44","slug":"solana-whales-move-82-million-worth-of-sol-will-price-crash-below-90","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/01\/solana-whales-move-82-million-worth-of-sol-will-price-crash-below-90\/","title":{"rendered":"Solana Whales Move $82 Million Worth Of SOL, Will Price Crash Below $90?"},"content":{"rendered":"

Two high-volume transactions involving Solana (SOL)<\/a> have caught the attention of the crypto community considering the impact they could have on the crypto token\u2019s price<\/a>. Moreover, these transactions have come at a time when SOL risks dropping below the psychological price level of $90.\u00a0<\/p>\n

Solana Whales Move $82 Million Worth Of SOL<\/h2>\n

Data<\/a> from the blockchain analytics platform Whale Alert shows that an unknown wallet address (7v2M\u2026Ao3C) moved 659,283 SOL to another unknown wallet address (3vxh\u2026gkom). The movement of such a significant amount of SOL<\/a> has raised speculations as to what the intention of the wallet owner might be.<\/p>\n

A common theory<\/a> is that the transaction might have been made in a bid to offload these crypto tokens. That could have a negative impact on SOL\u2019s price<\/a>, considering how much is involved. However, the fact that the SOL tokens weren\u2019t sent to a centralized exchange helps to counter this theory and raises the possibility of the tokens being transferred for other purposes.\u00a0<\/p>\n

Meanwhile, the second recent whale move provides some needed relief to the Solana community, considering the nature of the transaction. Data<\/a> from Whale Alert shows that 150,000 SOL was sent from a wallet address linked to the Bybit crypto exchange to an unknown wallet address (42br\u2026pJFd).<\/p>\n

Moving tokens from a centralized exchange (CEX) like Bybit<\/a> usually passes a bullish narrative as it suggests that the token holder was likely moving their tokens to cold storage. Such a move also means that the Solana whale in question was planning on holding the token long-term, as they believe in its potential to make more gains<\/a> in the future.\u00a0<\/p>\n\n

SOL To Drop Below $90?<\/h2>\n

Like the rest of the broader crypto market, SOL has recently suffered a decline in its price, dropping below the $100 support level<\/a> in the process. This current downward trend<\/a> has also raised fears that SOL could retest the $90 price level and even drop below it if it is unable to find support at that level.\u00a0<\/p>\n

Crypto analyst Bluntz Capital<\/a> recently provided<\/a> some insights into where SOL\u2019s price might be headed from a technical analysis standpoint<\/a>. According to him, SOL is likely to \u201cbounce first before coming down for a C wave down into the 0.618 later on.\u201d From the accompanying chart he shared, one could see that the C wave is placed at $88.99, just below the $90 level.\u00a0<\/p>\n\n

\u00a0At the time of writing, SOL is trading at around $93, down over 7% in the last 24 hours, according to data<\/a> from CoinMarketCap.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Two high-volume transactions involving Solana (SOL)<\/a> have caught the attention of the crypto community considering the impact they could have on the crypto token\u2019s price<\/a>. Moreover, these transactions have come at a time when SOL risks dropping below the psychological price level of $90.\u00a0<\/p>\n

Solana Whales Move $82 Million Worth Of SOL<\/h2>\n

Data<\/a> from the blockchain analytics platform Whale Alert shows that an unknown wallet address (7v2M\u2026Ao3C) moved 659,283 SOL to another unknown wallet address (3vxh\u2026gkom). The movement of such a significant amount of SOL<\/a> has raised speculations as to what the intention of the wallet owner might be.<\/p>\n

A common theory<\/a> is that the transaction might have been made in a bid to offload these crypto tokens. That could have a negative impact on SOL\u2019s price<\/a>, considering how much is involved. However, the fact that the SOL tokens weren\u2019t sent to a centralized exchange helps to counter this theory and raises the possibility of the tokens being transferred for other purposes.\u00a0<\/p>\n

Meanwhile, the second recent whale move provides some needed relief to the Solana community, considering the nature of the transaction. Data<\/a> from Whale Alert shows that 150,000 SOL was sent from a wallet address linked to the Bybit crypto exchange to an unknown wallet address (42br\u2026pJFd).<\/p>\n

Moving tokens from a centralized exchange (CEX) like Bybit<\/a> usually passes a bullish narrative as it suggests that the token holder was likely moving their tokens to cold storage. Such a move also means that the Solana whale in question was planning on holding the token long-term, as they believe in its potential to make more gains<\/a> in the future.\u00a0<\/p>\n

SOL To Drop Below $90?<\/h2>\n

Like the rest of the broader crypto market, SOL has recently suffered a decline in its price, dropping below the $100 support level<\/a> in the process. This current downward trend<\/a> has also raised fears that SOL could retest the $90 price level and even drop below it if it is unable to find support at that level.\u00a0<\/p>\n

Crypto analyst Bluntz Capital<\/a> recently provided<\/a> some insights into where SOL\u2019s price might be headed from a technical analysis standpoint<\/a>. According to him, SOL is likely to \u201cbounce first before coming down for a C wave down into the 0.618 later on.\u201d From the accompanying chart he shared, one could see that the C wave is placed at $88.99, just below the $90 level.\u00a0<\/p>\n

\u00a0At the time of writing, SOL is trading at around $93, down over 7% in the last 24 hours, according to data<\/a> from CoinMarketCap.\u00a0<\/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-35682","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\/35682","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=35682"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35682\/revisions"}],"predecessor-version":[{"id":35689,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35682\/revisions\/35689"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35682"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}