Large Solana (SOL) holders, commonly known as whales, recently moved over $500 million in SOL across six large transactions in 24 hours.
Of these, 1.6 million SOL (approximately $230 million) were transferred to a wallet associated with Coinbase, possibly suggesting an intention to sell, but the majority of transactions - 80% - were transferred to unknown wallets, indicating that this was asset management rather than Massive sell-off.
Although the price of SOL has dropped recently, activity on the Solana network has surged due to the ongoing memecoin craze. This increased activity suggests that interest in SOL remains strong despite whale moves.
The ultimate impact of these transactions on SOL prices is unclear, with market sentiment divided between concerns about selling pressure and optimism about continued activity on the network.
Solana (SOL) is currently trading at $144.36 and is within a descending channel on the 4-hours chart. The immediate pivot point is $145.56, which is the first level of resistance. If SOL breaks above this level, it may encounter further resistance at $152.11 and $157.66.
Instead, immediate support lies at $139.72. Failure to hold this level could lead to further declines to $132.31, followed by $126.77.
The 50-day exponential moving average (EMA) is currently at $151.77, which is a significant resistance level. SOL price remains below this EMA, indicating a bearish trend in the medium term.
The relative strength index (RSI) is currently at 40, indicating that SOL is close to oversold territory. This could trigger a rebound, but with the descending channel and price below the 50-day EMA, the overall trend remains bearish.
Conclusion: Overall, Solana’s price prediction remains bearish below 145.50 and vice versa.
Wiener AI: An AI meme coin with “bite”
Wiener AI (WAI), the new AI-powered meme coin with a cute dachshund theme, is attracting a lot of investor attention.
More than just a meme: WAI offers advanced AI trading tools, not just a fun idea. The project has raised nearly $6 million in pre-sales, reflecting strong demand.
AI boom: The rising popularity of AI, especially after Nvidia's stellar performance, is expected to further drive the demand for WAI.
Passive Income Potential: WAI also offers considerable passive income opportunities. With 20% of the total supply allocated for staking rewards, investors can earn an annualized yield (APY) of up to 396%.
Expert Recommendation: Renowned crypto analyst Michael Wrubel lists WAI as one of his top cryptocurrencies in 2024.
Time for action: WAI’s pre-sale price is currently $0.000719 and is expected to increase soon. If WAI can become a market leader, early investors could reap significant gains.
Buy Wiener AI here: https://cn.cryptonews.com/ext/wienerai-cn/
Original article: https://cn.cryptonews.com/news/solana-price-prediction-as-whale-transfers-372-million-is-sol-about-to-pump-hard.htm
