As market volatility persists, Solana (SOL) seems to be shedding its upward momentum and succumbing to downward pressure, reflecting the broader market’s decline.
Large Crypto45.7 Million in SOL Tokens to Binance Exchange
A notable cryptocurrency transaction was reported by Whale Alert on January 10, 2024, revealing that a substantial amount of 246,064 SOL tokens, valued at approximately $45.76 million, to the popular exchange platform Binance.
The information provided by Whale Alert suggests a possible wave of selling and mirrors the feelings of investors who seem hesitant to maintain or increase their holdings because of the ongoing decrease in prices over the last three days. Based on the data, SOL has seen its value fall by more than 16% in this timeframe and has currently hit a significant level of support.
Solana (SOL) Market Outlook and Key Resistance Points Ahead
After experiencing a notable decrease in price for the last three days, SOL has now hit a critical support point at $178. This price level coincides 200 Exponential Moving Average (EMA) on the daily chart. The upcoming days will determine whether SOL will successfully hold at this level or face further decline.
Technical experts warn that if SOL breaks through its current support and ends the day below $175, it may or further if bearish momentum continues. On the other hand, if market sentiment reverses and SOL stays above $178, it could spark a bullish surge similar to movements.
Heightened whale presence and higher outflows of exchanges
Nevertheless, the negative market sentiment has affected more than just one large investor. Over the last day, exchanges have seen a withdrawal of SOL tokens worth over $60 million, in addition to the $45.7 million transfer involving this investor. Altogether, the market has experienced another significant sell-off totaling $60.7 million worth of SOL.
Present Price Trends
At present, SOL is priced around $182, showing a decrease of more than 7.95% in the last day. Over the same timeframe, trading volume fell by 26%, suggesting reduced involvement from traders and investors compared to yesterday.
