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Many digital currencies are in consolidation mode, with Solana (SOL) fighting to stay above the $124 support zone. While the extreme sell-off has faded, Solana was changing hands for $124.26, up by a marginal 0.16% in 24 hours. Important whale movements over the past few hours suggest bullish positioning among whale investors that might trigger an uptick in the price of SOL.
Solana whale acquisition on Binance
According to data insights from Lookonchain, a newly created wallet address withdrew 201,755 SOL from Binance exchange. This transaction, valued at $25 million then, signals renewed interest in Solana in what many might see as a discount for the coin.
Godfrey BenjaminOver the past few months, Solana has established itself as one of the best-performing altcoins on the market. After attaining an all-time high (ATH) of $294.33 on Jan. 19, the SOL price has nosedived, in line with the broader market sell-off. Although it has staged a series of rebounds over the past few weeks, the sentiment is generally negative.
The Solana ecosystem is undergoing a major stress test as the meme coin trend that marked its growth is now serving as a headwind. Interest has waned as investors pursue more risk-off assets amid fears of potential economic turmoil.
What's next for Solana's price
Despite the distress it has recorded over the past week, the adoption of the Solana whale shows a shift might be coming. Market data shows that SOL might be oversold already, an outlook confirmed by the Relative Strength Index (RSI).
Dan BurginPer TradingView data, the RSI is pegged at 36 on the daily chart, a figure that signals a rebound might be ahead. Besides whale adoption, a crucial trend to watch is the Solana ETF update from the United States.
Proponents believe opening access to institutional investors might be the next hack for Solana to break its $294 ATH to set a higher high price.
Dan Burgin
Vladislav Sopov