Solana Whale Dumps $2.9 mln of SOL, Eyes on $130 level

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In this extremely volatile cryptocurrency market, on August 20, 2024, a Solana whale was found dumping a notable 20,000 tokens worth $2.9 million to OKX and Binance, as reported by Lookonchain. According to a post on X (formerly Twitter), the whale dumped 10,000 SOL worth $1.45 million to OKX and another 10,000 SOL worth $1.45 million to Binance.

Solana Whale Dump Million Worth Tokens 

According to data, this dump occurred during the opening bell of the US stock market. Since January 15, 2024, this whale has dumped over 614,000 SOL worth $89 million to various centralized exchanges (CEXs). 

Solana Price Overview

Despite this massive SOL dump, it didn’t impact the SOL price significantly. At press time, SOL is trading near $142.7 and has experienced a price drop of 1%. However, during the Asian trading hours market was quite bullish, with SOL making a high of $148.6. However, as Gold reached a new all-time high, it affected the overall cryptocurrency market, including SOL.

Meanwhile, SOL’s trading volume has increased by over 16% in the last 24 hours, indicating higher participation from traders.

Solana Price Prediction 

This sharp fall from $148.6 to $142.04 level has shifted the market sentiment to bearish. According to expert technical analysis, SOL is currently at a crucial support level of $140, while also getting support from the 200 Exponential Moving Average (EMA) on a daily time.

Source: Trading View

It is crucial for SOL to stay above the 200 EMA, if it holds, there is a high possibility that the price will rebound. On the other hand, If SOL fails to hold and drops below the 200 EMA, there is a high chance it could fall to the $130 level or even lower.

Meanwhile, SOL’s open interest has also dropped by 1.5% in the last 24 hours, suggesting reduced interest from traders and investors.