As a seasoned crypto investor with a knack for spotting trends and a portfolio that’s weathered more than a few market storms, I find myself cautiously optimistic about Solana (SOL) at the moment. The recent sell-off by a high-profile whale is undeniably concerning, but it’s important to remember that even the smartest whales can’t control the market forever.
As a researcher analyzing the Solana (SOL) token, which functions as the native currency of the layer-1 blockchain network, I’ve noticed that it’s been caught in a consolidation phase, mirroring the general market’s slow progress. However, there are faint indicators suggesting a possible upturn for this coin. Interestingly, SOL has shown signs of recovery today, coinciding with the U.S. election, rekindling optimism for growth this November. Yet, the overall market sentiment remains guarded, particularly since a significant sell-off by major stakeholders could imply a potential change in sentiment.
Solana Price Under Pressure: Will It Survive Massive Whale Sell-Off?
The price of Solana is undergoing notable strain due to a prominent investor offloading large quantities of their holdings. Information from blockchain analysis platform Lookonchain indicates that this investor, known as a “whale,” recently disposed of approximately 92,000 SOL tokens, equivalent to around $14.58 million. This recent sale is part of a continuous liquidation, with the whale having sold 357,070 SOL since November started.
A notable whale, recognized for shrewd dealings, has amassed around $87 million in profits from the recent sale of Solana (SOL). This significant player previously sold 265,070 SOL, pocketing a substantial profit of approximately $43.96 million.
The smart whale with a profit of ~$87M sold another 92,000 $SOL($14.58M) in the past 2 hours.
The whale has sold 357,070 $SOL($58.54M) since Nov 1, currently holding 52,089 $JitoSOL($9.46M) and 126,548 $SOL($20.05M).
— Lookonchain (@lookonchain) November 5, 2024
From August 7 to October 23, 2023, the whale bought approximately 500,862 SOL tokens at an average price of around $23.6 per token, totaling an initial investment of about $11.81 million. However, since that time, the value of SOL in the market has significantly increased, transforming this initial investment into a substantial holding now worth approximately $81.14 million.
The whale preserves a varied portfolio, owning approximately 52,089 JitoSOL tokens valued at around $9.46 million and 126,548 SOL tokens worth about $20.05 million. Even with recent sales, the whale’s investments continue to be substantial, totaling millions in Solana (SOL) and JitoSOL.
Solana Surges Amid Election-Driven Market Volatility
right now, the cost of Solana (SOL) stands at approximately $166.22, which represents a 3.58% rise in value over the last day. Over the past seven days, the SOL price has experienced ups and downs; it initially dropped below $160 but then rebounded due to favorable market dynamics, gradually climbing back up and surpassing the $160 mark by midday.
The increase is linked to continuous debates related to the upcoming U.S. presidential election, causing ripples across the entire cryptocurrency sector and rekindling curiosity among investors.
Based on the present market conditions, it’s possible that the price of Solana could climb towards the $200 resistance point if the bullish trend continues. The latest price fluctuations indicate that Solana is testing its support around $160, with significant resistance levels at $180 and $200. Conversely, if bears take over, we might see a drop back to $150.
As an analyst, I’m observing a promising early bullish trend indicated by the MACD (Moving Average Convergence Divergence) indicator. This crossover suggests that buying pressure might be strengthening, potentially paving the way for increased investments. Furthermore, the histogram is displaying positive momentum with the emergence of green bars, reinforcing the likelihood of a bullish upward trend.
Despite occasional turbulence due to large-scale selling by whales, Solana’s outlook remains optimistic. The market’s force might propel its price further upwards. Important barriers for potential price increase are around the $180 and $200 levels.
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2024-11-05 22:13