$55 Million of Solana (SOL) Moved to Exchanges, What’s Happening?

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The current market sentiment is quite neutral, with most cryptocurrencies at their crucial level. Amid this stability, Solana (SOL) whales have moved notable of tokens to centralized exchanges including Binance and Coinbase, in the last 24 hours.

$55 million SOL moves to exchanges 

On August 10, 2024, the blockchain-based transaction tracker Whale Alert made a post on X (previously Twitter) stating that Solana whales had moved a massive 355,257 SOL worth $55.01 million. This post on X has gathered widespread attention from the crypto community.

However, this move by whales occurred while SOL was there at a crucial level. Additionally, this move by whales didn’t create any impact on the price of SOL. 

Solana price prediction 

Expert technical analysis hints at a bullish outlook for Solana (SOL). Currently, it is at a crucial support level of $150. Following the breakout of this level on August 8, 2024, there is a high possibility that the SOL is retesting this breakout level in preparation for an upside rally.

Source: Trading View

At the current price level, two possibilities may occur in the coming days. If SOL maintains itself above the $150 level, there is a high chance it could soar 20% to the $186 level. On the other hand, if SOL fails to maintain above the $150 level and falls below, there is a higher possibility it could drop back to the $130 level.

As of now, SOL maintains itself above the 200 Exponential Moving Average (EMA) on a daily time frame. The price of any assets above the 200 EMA hints that the assets are in an uptrend.

Solana price analysis

At press time, SOL is trading near the $153.35 level and has experienced a price jump of 0.75% in the last 24 hours. Despite stability in the SOL’s price, its trading volume has dropped by 46% during the period. This decline in trading volume suggests fear around the market that caused lower participation from traders. 

Meanwhile, SOL’s open interest has increased by 2.78%, indicating interest from investors and institutions has increased in the last 24 hours.