Solana Price Might Drop to 47.60 Dollars Due to Whale Activity

Crypto News- Lookonchain recently highlighted a significant development in the Solana (SOL) market. Two major players, described as whales, made notable transactions that raised eyebrows. In the first instance, a whale unstaked a hefty 505,034 SOL, valued at a staggering $31.7 million. Subsequently, this whale proceeded to deposit 505,000 tokens onto Binance. Despite this move, the whale still retains approximately 2.9 million SOL staked, as per the latest post.

Solana Price Might Drop to 47.60 Dollars Due to Whale Activity

Shortly after this, another substantial player unstaked a whopping 2.16 million SOL, equivalent to an impressive $128 million. In a subsequent transfer, 1.3 million tokens were moved. Notably, out of the unstaked tokens, 312,868 SOL found its way to Binance, with an approximate value of $18.56 million. The post from Lookonchain also disclosed that the second whale maintains possession of 863,000 SOL in a wallet and has a substantial 9.86 million SOL tokens in staking.

Given these substantial moves, speculation arises that either or both of these whales might be looking to capitalize on their SOL holdings. This suspicion gains traction as the altcoin experienced a significant dip of more than 10% in the last day of trading, with SOL currently trading at $59.11, having reached a low of $56.81.

Adding to the concerns, SOL’s intraday volume witnessed a 3% reduction since yesterday, settling at $3,957,467,644. This recent downturn also led to SOL losing ground against Bitcoin (BTC) by 5.60%. The $68.85 resistance level proved to be a formidable barrier in the past 48 hours, forcing a correction to the closest support level at $56.95. As of now, the Ethereum-killer token faces the imminent risk of breaching this crucial support level. If traders succeed in pushing SOL below $56.95, the subsequent target could be $47.60 in the coming days.

However, it’s important to note that this bearish scenario could be disproven if SOL manages to close the next two daily candles above $56.95. In such a case, traders might regain confidence, potentially driving the altcoin’s price towards the $68.85 mark.