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Solana (SOL) is at a tipping point as it is at risk of a downtrend, a development that is not good news for the protocol's HODLers. At the time of writing, the coin is changing hands at $59.76, down by 0.97% in the past 24 hours. This downtrend spark might be connected to whale action with a possible sell-off undertone.
Tomiwabold OlajideAccording to data from Whale Alert, the whale transferred the sum of 2,042,130 SOL worth approximately $124,428,355 to Binance exchange. Such moves are often connected to a potential sell-off, a subtle signal contributing to the gloomy downtrend. At the moment, SOL's volume has also dropped 27% to $1,494,696,517, a relatively dampened sentiment amid a largely volatile market.
Solana has maintained a positive showing for the better part of the month. Despite the current price action, it has maintained 3.68% growth in the trailing seven-day period while, over the past month, Solana remains at a massive 70% surge, outperforming the majority of the altcoins in the top 20 ranked by market capitalization.
With the sell-off scare, the chances that Solana will not falter in closing November on a positive note is high.
Vladislav SopovSolana fundamentals to negate bearish whale outlook
There are several conflicting fundamentals in the Solana ecosystem. Notably, the coin's investors are keeping an eye on the latest update in FTX, where the court has approved the sale of a massive amount of token liquidation.
With this negative trend apparent, Solana was recently listed, alongside XRP, on Crypto.com, expanding its outreach in the European Union. Top analysts, including Raoul Pal, are also ecstatic about Solana's potential as he recently settled the supremacy debate between the protocol and Ethereum.
Pal labeled Solana the Apple of Web3 with Ethereum being the Android. The comments and ecosystem trends might play a huge role in keeping Solana in a positive state as the month wraps up.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin