The power players of the cryptospace – Solana (SOL) whales – have been stirring the waters once again, orchestrating a substantial shift in their Solana assets just in the past day. And this jitter on the Solana horizon arrives amidst the larger crypto market mood that seems to be bearish, casting a shadow on Solana’s price.
The on-chain data streaming in reveals that Solana whales have executed six hefty transactions in the last 24 hours. It all began with a swooping transfer of over 1.5 million SOL tokens – equivalent to a staggering $216 million – to an unknown wallet. The same wallet then went on a digital spree of its own and discretely dispatched 1.13 million SOL tokens, an amount specifically adding up to $163 million, to four different anonymous wallets. A generous chunk, precisely a million SOL tokens, congregated within one particular wallet.
The action continued with the third transaction where just over 1 million Solana tokens – a cool $144 million worth – were transferred from one anonymous wallet to another. This wallet was not done and further transferred the tokens into another undisclosed wallet. Staying true to the mystery, the fifth transaction saw this unknown wallet moving 1.6 million Solana tokens – approximately $230 million – to yet another anonymous wallet.
These tokens, in a turn of events, then found themselves in a wallet linked to Coinbase. This suggests that the Solana whale behind this could be planning to unload their tokens, a move that could cause Solana’s price to head south. At the same time, the preceding activity displays signs of Solana whales simply shifting their capital between wallets rather than dumping them on the market.
This becomes a plausible thought when considering the heightened bustle within the Solana network, as traders are actively engaged due to the meme coin craze currently setting the market alight. In fact, DappRader data reveals that the network’s transaction volume has continued its upward ascent, even as SOL’s price is sliding down.
Peeking into the crystal ball, crypto analyst Ali Martinez predicts that Solana is poised for a “major 53% price move.” He suggests looking out for the $143 support level and $178 resistance markers to glean sentiment on the crypto asset.
Jelle, another analyst, has a gloomier outlook, pointing out that Solana didn’t replicate a similarly upbeat pattern from earlier in the year and has, in fact, slipped from the $150 support level. He wouldn’t be taken aback if Solana dropped to $140.
Analyst Altcoin Sherpa echoes this bearish viewpoint, suggesting that the current “celeb meta” trend is detrimental to SOL’s ecosystem and predicted that the titan Ethereum might capture more gains in this upcoming phase. However, Sherpa envisions the possibility of Solana plunging as low as $120. He further mused that he probably wouldn’t invest in SOL until it dipped to $140, and he might just hold on some more until it fell around $120. But Sherpa’s long-term prognosis stays optimistic, forecasting Solana to soar above $500 within the year.
