Large Solana (SOL) holders, better known as whales, recently moved more than $500 million in SOL across six large transactions within 24 hours.
Of this, 1.6 million SOL (about $230 million) were transferred to a wallet associated with Coinbase, which may indicate an intention to sell, but most transactions - 80% - were transfers to unknown wallets, indicating that this was asset management rather than a large-scale sell-off.
Despite the recent drop in SOL’s price, the Solana network has seen a surge in activity due to the ongoing memecoin craze. This increased activity suggests that despite the moves by whales, market interest in SOL remains strong.
The ultimate impact of these transactions on SOL prices is unclear, with market sentiment split between concerns about selling pressure and optimism about continued activity on the network.
Solana Price Prediction
Solana (SOL) is currently trading at $144.36 and is trading inside a descending channel on the 4-hour chart. The immediate pivot point is located at $145.56, which acts as the first resistance. If SOL breaks above this level, it is likely to face further resistance at $152.11 and $157.66.
Conversely, an immediate support is located at $139.72. Failure to defend this level could lead to a further decline to $132.31 and then $126.77.
The 50-day exponential moving average (EMA), currently at $151.77, is acting as an important resistance level. The SOL price remains below this EMA, indicating a bearish trend in the medium-term.
Solana Price Prediction
The relative strength index (RSI) is currently at 40, which shows that SOL is approaching the oversold zone. This could trigger a rebound, but the overall trend remains bearish due to the descending channel and the price being below the 50-day EMA.
Conclusion: Overall, the Solana price prediction remains bearish below 145.50 and vice versa.
