Solana Whales Manipulate Market And Analysts Predict Further Dumps – Time to Sell? ($77.94 Billion)!
In a surprising turn of events, Solana (SOL) whales recently orchestrated a market dump by selling and rebuying their SOL Quantity of 1.16 million within minutes, causing a significant price drop.
This maneuver resulted in the SOL trading pair plummeting to $134.01, marking a decrease of 5.65%.
Analysts from BlackRock have warned that this manipulation will likely continue, as whales aim to acquire Solana at a lower cost until they accumulate enough at discounted prices.
Solana currently ranks as the fifth-largest cryptocurrency, with a market cap of $62.24 billion (approximately ₹5.19 trillion) and a fully diluted market cap of $77.94 billion (around ₹6.5 trillion).
It holds a market dominance of 2.67%, with a circulating supply of 461.79 million SOL out of a total supply of 578.31 million SOL.
Solana reached an all-time high of $260.0621 on November 7, 2021, and an all-time low of $0.505193636791 on May 12, 2020.
According to market analysts, the recent market dump by Solana whales is a calculated strategy to manipulate prices and accumulate more SOL at a lower cost.
This practice of causing artificial price drops and buying back assets at reduced prices is not uncommon among large investors, often resulting in market instability.
The analysts' forecast indicates that similar activities may recur, which poses a risk to retail investors.
To avoid potential liquidations, it may be prudent for current Solana holders to consider selling their assets.
The continuation of such manipulative tactics could lead to further market volatility.
The data presented is for informational purposes only and provided by CoinMarketCap.
It is shown on an "as is" basis, without representation or warranty.
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