Whale Moves $64.4M in Solana Amid 6% DropWhats Next for SOL?
- Whale accumulation signals confidence in Solana despite ongoing market decline.
- Supertrend indicator suggests bearish momentum, reinforcing cautious trader sentiment.
- RSI and MACD indicate strong selling pressure, hinting at potential short-term rebound.
Solana (SOL) has witnessed significant whale activity, reinforcing investor confidence despite market fluctuations. Recent data from Lookonchain reveals that a whale withdrew 96,180 SOL, worth approximately $12.45 million, from Binance and staked it in a newly created wallet.
Additionally, Whale Alert recorded a massive transfer of 500,000 SOL, valued at $64.4 million, from Bybit to an unidentified wallet. These large transactions indicate a pattern of accumulation rather than liquidation, suggesting that investors remain committed to the projects long-term potential.
Crypto expert Ali noted that Solanas price is experiencing a macro trend shift, suggesting a potential change in its long-term trajectory. Market trends often transition between bullish and bearish phases, impacting investor sentiment. Traders utilize indicators like the Supertrend to analyze such movements and determine market direction.
Source: X
Supertrend Indicator Points to Bearish Sentiment
The Supertrend indicator, which tracks price action and volatility, has shifted to a sell signal for SOL. The indicator remains above the price, reinforcing bearish sentiment.
When the price stays below the Supertrend, it signals a potential downtrend, prompting traders to anticipate further declines. If Solanas price manages to recover above key resistance levels, sentiment may shift, but for now, the indicator suggests caution.
Market Trends and Solanas Price Action
Solanas price has faced a notable decline over the past week. As of press time, SOL trades at $132.37, reflecting a 6.34% drop in the past 24 hours and a 26% decline over seven days.
The market capitalization stands at $65.8 billion, with a 24-hour trading volume of $6.48 billion. Despite this downward movement, the asset remains a focal point for investors, driven by its strong fundamentals and continuous network development.
SOL/USD daily price chart, Source: Trading view
The Relative Strength Index (RSI) currently stands at 25.42, indicating oversold conditions. An RSI below 30 typically suggests extreme selling pressure, which could lead to a short-term rebound. However, it does not guarantee a reversal of the overall bearish trend.
Additionally, the Moving Average Convergence Divergence (MACD) indicator reflects strong downward momentum. The MACD line at -18.79 remains below the signal line at -15.03, confirming persistent bearish pressure. Negative histogram bars further reinforce the downward trend, signaling continued weakness in price movement.
Read more: https://www.tronweekly.com/whale-moves-64-4m-in-solana-amid-6-drop/
Text source: TronWeekly
