At the time of writing, SOL is trading at $148.92, down 3.86% in the last 24 hours.
If the price goes below $143 level, then it will likely test $137 support level.
According to blockchain data tracker Whale Alert, Binance, a prominent cryptocurrency exchange, received a large transfer of Solana. A tweet from Whale Alert states that Binance received 154,912 SOL, with a value of $23,928,285. However, the wallet’s identity remains unidentified.
When they plan to sell or trade their assets, whales—large cryptocurrency holders—often transfer them to exchanges. Because it occurs at the same time as a decrease in the price of Solana, this large transfer has garnered notice.
Whale investors may be getting ready to cash out after Solana’s recent price increase, because the cryptocurrency has been doing very well recently. Despite the lack of clarity around the transfer’s reasons, investors will be keeping a careful eye on Solana’s price and any other substantial fund transfers.
Bears Making a Comeback
The price of bitcoin was halted just below $63,000, but despite a quick pullback, it has successfully defended the $60,000 mark. Following eight consecutive days of declines, Solana recovered sharply from its August 5 low of $112.
The price of Solana surged on August 6 and 8, respectively, in response to the comeback, as buyers flooded the market. However, the bulls were forced to withdraw somewhat as the bounce encountered resistance near $163.
At the time of writing, SOL is trading at $148.92, down 3.86% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 20.25%. The price recently broke below short-term support level at $151.
If the price continues to fall and goes below $143 level, then it will likely decline further to test $137 support level. However, if the bulls make a comeback and drive the price above $157 level, then it will likely retest $163 resistance level.
