Venda de Solana

A recent move by a major Solana (SOL) whale to sell its holdings on Binance has raised concerns about the sustainability of the current bullish trend. The whale’s actions are particularly significant as similar sales have resulted in double-digit price drops on previous occasions.

Will history repeat itself, or will retail traders be able to sustain the current price rally?

Whale sells Solana

Solscan data shows that a whale unstaked 100,000 SOL tokens 15 hours ago and transferred them to Binance. This comes just three days after the same investor unstaked 100,000 tokens and transferred the assets to the same exchange.

Movimentação da baleia Solana (SOL). Fonte: SolscanMovement of the whale Solana (SOL). Source: Solscan

The whale’s decision to unstake and move its holdings to Binance may have been motivated by a desire to profit from the current price rally. Currently at $151.88, the altcoin’s price is up 9% in the past seven days.

However, this momentum could face resistance if the whale continues to liquidate its holdings. Historically, this whale’s sales have significantly impacted the asset’s price, as seen between June 7 and July 7, when it dumped 1.2 million SOL worth $178 million. In response, the price dropped from $170 to $128.

Despite this, bullish indicators still dominate. The Parabolic Stop and Reverse (SAR), with its dots below the current price, signals a strong uptrend. Furthermore, the Chaikin Money Flow (CMF), currently at 0.27, indicates high buying pressure, suggesting that the market’s bullish bias towards Solana remains intact, at least for now.

Gráfico da Solana (SOL) no TradingViewSolana (SOL) Chart on TradingView

Read more: How to Buy Solana (SOL) and Everything You Need to Know

Price forecast

Sustained buying pressure from other market participants could offset the impact of whale actions. If this buying momentum continues, the asset’s price could rise towards the resistance at $160.09.

A successful breakout of this critical resistance level would pave the way for a rally to $188.74.

Gráfico da Solana (SOL) no TradingViewSolana (SOL) Chart on TradingView

However, if the whale persists in liquidating its holdings to take profits, history could repeat itself. In this scenario, Solana’s price could drop by 27% to $110.

The article Solana (SOL) at Risk After Massive Whale Selloff – Analysis appeared first on BeInCrypto.