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The brutal sell-off in the crypto ecosystem this week is serving as a major buying incentive to Solana (SOL) whales. According to data from Lookonchain, 96,180 Solana have left the Binance exchange in one of the biggest acquisition moves thus far this week.
Solana whales staking
In what is considered a daring move by the community, the whale withdrew from Binance at a combined worth of $12.45 million. One interesting twist in this transaction is that the wallet that bought the Solana from Binance was created just hours ago by another anonymous wallet.
Godfrey BenjaminHowever, the maiden transfer through this wallet entered the address labeled Kamino Reserve 5. The staking transaction also featured JitoSOL, without a definitive unlock timeline.
Over the past week, Solana emerged as one of the most battered altcoins as crypto liquidations continue to grow. The coin is changing hands for $131.94, down by 7.08% in the past 24 hours. The coin has lost more than 25% of its value in the trailing seven-day period and lost over 45% in the past month.
Despite this drawdown, the anonymous Solana whale is convinced of a potential future rebound for the coin. This move is considered a major move by the community.
Has Solana price bottomed out?
In the heat of the sell-off, Solana's price dropped as low as $125.74 on the daily chart, the lowest it has traded in months. The Relative Strength Index of the coin is now below 25, a classic case of an oversold threshold.
Dan BurginWhile it remains uncertain how long this ongoing bearish trend will last, experts are convinced that the SOL price has likely bottomed out. Solana advocate Raoul Pal is one of those who believe the coin has bottomed out.
There is an ongoing bullish reversal in the price of the coin, with the hype around its potential ETF approval likely to help trigger more growth in the near term.
Dan Burgin
Vladislav Sopov