Solana Investment Opportunities: How is the Market Responding Behind the Whale Sell-off?

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After Bitcoin fell below the key support level of $92,000, the crypto market has seen increased volatility, and the price of Solana (SOL) continues to decline. The fully diluted valuation of this large-cap altcoin is approximately $112 billion, with a 24-hour trading volume of $4.6 billion, having dropped 12% in the past four days. As of January 10, the trading price of SOL is around $191. Meanwhile, Solana's leveraged market has also faced nearly $20 million in liquidations, mostly in long positions.

Whale Panic Sell-off

Recently, major whale investors in Solana have engaged in panic selling. This whale has unstaked 245,921 SOL in the past 24 hours and transferred 246,064 SOL to Binance, possibly waiting to profit after a market rebound.

The main users of the Solana network are stakers, with data showing approximately 1,238,071 active staking accounts that have staked a total of 393,252,393 SOL, valued at about $75 billion.

SOL Price Trend: Testing Key Support Level

The price of Solana has recently experienced a strong rebound, approaching the key support level of $180. From a technical analysis perspective, if the SOL price cannot stabilize at this level, it may fall to the range of $120 to $150. Therefore, maintaining this support point in the coming days is crucial to avoid further declines.

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