Solana Price Recovery: Whale Transfers Hint at Upcoming Price Stabilization
Technical indications and whale activity show that Solana’s price is about to start a possible recovery phase. Given the recent market movements and noteworthy token transfers, a major support level of $170 is still necessary for future price stability.
Notable whale activity was observed in the Solana market on August 22, according to Lookonchain, an on-chain analytics company. Two significant investors transferred 56,245 SOL, almost $8 million, from Binance together. They were recognized by their wallet addresses, “9tuA8L” and “7CsCGy.”
- Whereas the second account transferred 26,245 SOL, the first account transferred 30,000 SOL.
- This significant transfer shows that these investors may be hoping for a more positive price movement while also making the most of the existing market conditions.
Santiment Tracks Whale Moves: What Stablecoin Activity Means for Solana’s Future?
Santiment, a different analytics tool that tracks stablecoin holdings among major investors, provides data that is consistent with this whale activity. According to the statistics, increases in whale stablecoin holdings frequently correspond with increases in SOL’s price.
The fact that SOL’s price hasn’t increased right away despite the current spike in stablecoin holdings, meanwhile, may mean that whales are preparing for potential market events. As a harbinger of impending market changes, this preliminary phase, which has seen a lot of stablecoin activity, is worth closely observing.
- Huge intraday volatility is visible in the Solana daily pricing chart as of August 22.
- The early morning low reached about $140 after the price had started at about $142.75.
- After a brief dip, Solana’s price rose and reached a peak in the early afternoon at about $144.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment