Whale Makes $1.52M Profit with 416.8M $MEW to 16,270 Solana Trade
- $MEW Whale Uses DCA Strategy for $2.42M Investment
- Solana Surpasses Ethereum in Monthly Fees with $183.46M Revenue
- Solana Correction May Lead to New All-Time High by Year-End
Solanas dominance grows as a whale earns $1.52M trading $MEW for $SOL. The network surpasses Ethereum in fees with $183.46M and showcases a 2,700% price rally, forming bullish patterns that could push its price to $550.
Whale Profits $1.52 Million with Strategic $MEW Trade
A cryptocurrency whale capitalized on market opportunities and made $1.52 million in profit from a $MEW to $SOL trade. The whale traded 416.8 million $MEW tokens for 16,270 $SOL worth $3.94 million. Initially, the whale traded 10,000 $SOL worth $2.42 million to acquire the $MEW tokens.
The whale used the dollar-cost averaging (DCA) strategy to buy $MEW at several intervals to minimize market risk. This method enabled the investor to consistently buy tokens over time which enhanced stability amid market volatility. Solscan, a blockchain explorer for Solana, confirmed the transactions indicating the precision and effectiveness of the strategy.
Solana Surpasses Ethereum in Monthly Fee Revenue
Solana has surpassed Ethereum in monthly fees and collected 183.46 million of revenue. Ethereum, which has dominated the blockchain space for a long time, was second with $181.42 million.
Circle ranked third and Uniswap ranked fourth with $123.83 million and $81.94 million in fees revenue, respectively. Other platforms such as Pumps and Lido made $81.74 million and $79.37 million respectively. This shows that Solanas decentralized platform is competitive in the blockchain industry.
Elliott Wave Analysis Signals Solanas Next Move Toward $270-$280
Solana is now in a correction phase within its bullish cycle after a major rally. Analysts predict that the correction phase will end with a recovery which might drive the price towards an all time high (ATH) during the holidays. Technical analysis suggests that the bullish trend will continue after the current phase.
The Elliott Wave analysis indicates the completion of wave 3 and continuation of wave 4 may lead to increase in prices to $270-$280. The consolidation of Solana prices near key Fibonacci retracement levels acts as major technical support. Furthermore, the Relative Strength Index RSI suggests a bullish momentum as price remains above 200-everyday moving average (EMA).
Market trends suggest short-term volatility for Solana before its bullish trend resumes. If the correction completes as expected, Solana could achieve a new ATH, supported by technical patterns and positive sentiment.
Read more: https://www.tronweekly.com/whale-makes-1-52m-in-416m-mew-to-solana-trade/
Text source: TronWeekly
