Solana price surges 17% weekly as a major Binance wallet stakes 150,011 SOL, signaling strong market confidence and bullish momentum.
Solana (SOL), a layer-one blockchain, has had a strong start in 2023, recently recording a 17% gain within a week. The cryptocurrency saw a surge, moving from the $150 support level to over $170 before stabilizing. However, recent price trends indicate a slight decline following staking activities from a Binance wallet.
Solana Price Rises 17% Amid Staking Surge
Lookonchain data shared in an X post reveals that Solana (SOL) experienced a 17% increase over the past week.
The surge follows the movement of 150,011 SOL, worth approximately $26.25 million, which was withdrawn from Binance by a new wallet and subsequently staked. This significant action has drawn attention as it may influence Solanaâs ongoing price momentum.
Is Solana Price Bull Run Over?
After a week of surge, the latest SOL price has slipped to $167, marking a 2.44% decrease over the last 24 hours. This price dip contrasts with the upward momentum seen earlier, as Solana reached a high of $177.00 before experiencing a downturn.
Meanwhile, over the past year, the Solana price has surged by 400%, driven largely by the rise of new Solana-based memecoins. One standout, Goatseus Maximus (GOAT), recently spiked by nearly 700% within just a month, capturing the attention of investors. Other memecoins, such as POPCAT, MEW, and WIF, have also increased transaction volumes on Solanaâs network.
If the Solana price prediction surpasses the $177.22 resistance, it could open the path toward the $200 target. Conversely, a dip below $150.00 would signal a potential decline, possibly indicating a bearish trend continuation.
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