The blockchain data tracker Whale Alert has reported a large move of Solana (SOL) to Binance, one of the largest cryptocurrency exchanges.
Whale Alert tweeted that an unknown bank moved 154,912 SOL, each worth about $23,928,285 to Binance today.
The crypto community is very interested in this transaction because “whales,” which are people or businesses holding a lot of cryptocurrency, often make significant transfers to exchanges to show that they want to sell or trade.
Solana Price Drops Significantly
The price of Solana has dropped by 3.24% in the last 24 hours due to this move, leading to rumors that investors may be taking profits.Solana has been one of the best performers in the cryptocurrency market lately.Â
Its price went from a low of $109.99 on August 5th to a high of $1,099 on August 12th, after falling for eight days in a row. The rally picked up speed with strong buying on August 6th and 8th, which pushed SOL’s price to $165.
A small pullback happened, though, because this upward trend ran into trouble. When I wrote this, SOL was trading at $155, indicating a 3% increase from the previous week.
This whale behavior has made market analysts pay close attention to how the price of SOL changes. If Solana can stay above the important 50-day Simple Moving Average (SMA) at $153, the price might try to break through the support at $189.
There may be more selling pressure, though, if the price can’t stay above the 50-day and 200-day simple moving averages, which are currently $153 and $147, respectively. In this case, SOL’s price might drop even more, with a possible goal of hitting $116.
Although the reason for sending such a large amount of Solana to Binance is still unclear, the market will be closely monitoring any other significant transactions to see how they impact the price of SOL in the coming days.
