Solana Price Climbs 17% Weekly as Binance Wallet Stakes Big

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As a seasoned researcher with years of experience navigating the volatile cryptocurrency market, I have seen my fair share of price surges and dips. The recent 17% rise of Solana (SOL) within a week has certainly caught my attention. The movement of such a large amount of SOL from Binance to be staked indicates a strong belief in the project’s potential, which could potentially continue fueling its upward momentum.

2023 has seen Solana (SOL), a type of blockchain known as layer-one, make a robust debut, with a 17% increase within just a week. This digital currency experienced a significant rise, climbing from the $150 support point to beyond $170 before levelling off. Nevertheless, recent market movements suggest a minor dip might be on the horizon due to staking actions originating from a Binance account.

Solana Price Rises 17% Amid Staking Surge

Data from a recent post on X platform indicates that the price of Solana (SOL) has risen by approximately 17% during the last seven days.

150,011 SOL, valued around $26.25 million, were taken out of Binance and staked by a newly created wallet. This substantial move has caught people’s interest because it could potentially impact the current trend in Solana’s price movement.

The price of $SOL has increased by 17% in the past week!

In the past 3 days, a fresh wallet withdrew 150,011 $SOL($26.25M) from #Binance and staked.

— Lookonchain (@lookonchain) October 25, 2024

Is Solana Price Bull Run Over?

Over the past week, the Solana (SOL) price spiked, but it has since dropped to $167, representing a 2.44% decrease within the last day. This sudden drop contradicts the previous positive trend, as Solana had climbed up to $177 just hours ago before experiencing a downturn.

In the last year, Solana’s price has skyrocketed by 400%, primarily due to the emergence of new Solana-linked meme tokens. One notable example, Goatseus Maximus (GOAT), experienced a staggering rise of almost 700% in just one month, piquing investor interest. Other meme tokens like POPCAT, MEW, and WIF have also seen increased transaction activity on Solana’s blockchain network.

If Solana’s projected price breaks through the $177.22 barrier, it might pave the way for the $200 milestone. On the flip side, falling below $150.00 could suggest a potential drop, potentially hinting at a continued bearish trend.

The MACD indicator exhibits a blend of strong and weak trends. At present, the MACD line maintains its position above the signal line, suggesting potential for bullish movements. Yet, the most recent histogram bars have switched to red, hinting at diminishing power in rising momentum.

The current surge in Solana’s price indicates robust market belief, fueled by substantial staking and meme coin actions. Yet, whether it continues to climb will hinge on its potential to overcome the resistance at approximately $177, a hurdle that, if surpassed, could lead to new record highs.

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2024-10-26 11:51