Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Solana (SOL) is fighting for survival in a visibly tense market. The drawdown in the market has suppressed SOL from breaking away from its psychologically important level of $160. At the time of writing, data from CoinMarketCap pegs the price of Solana at $155.53.
Solana whale FUD not going away
Solana has long been associated with whales moving large amounts of SOL in and out of exchanges. Notably, investors and retail traders do not know when the next major dumping will take place. This has generally kept Solana on the edge as HODLers do not want to get caught up in the mix.
Godfrey BenjaminAccording to recent data from crypto analytics provider Whale Alert, an unknown Solana whale moved 260,931 SOL worth approximately $40,502,770 from an unknown wallet to Kraken Exchange. This sort of whale movement is often indicative of a sell-off.
While it remains unknown whether or not this whale is planning a sell-off, the current market sentiment is bearish and might weaken investors' resolve to keep betting on SOL. This shaky sentiment is playing out in the price of the coin.
From a year-to-date (YTD) high of $209.7, Solana has retracted to its current level after dropping as low as $119 earlier this month.
Defeating bears
Solana is on the watchlist of many traders, and the push to grow might not set in if the bearish whale transaction push does not die down in the near term.
Arman ShirinyanSolana is already free from the influence of the FTX Derivatives Exchange implosion. With the trading platform owning a large stack of Solana, its successive auctions have alleviated concerns over price instability in the long term.
Solana has also launched a major upgrade on the mainnet to combat the negative impact of network congestion. In all, Solana is prime to build on the more than 590% surge it has recorded over the past year.
Arman Shirinyan
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov