Despite Concerns About 260 Thousand SOL Sales, Solana Expects a Strong Recovery.
Solana (SOL) is trying to survive in a nervous market. Due to the decline in the market, SOL is unable to surpass the psychologically important $160 level. According to CoinMarketCap, at the time of writing, Solana's price was $138.27.
Concerns about big investors continue in Solana.
Solana has long been associated with large investors (whales) who transfer large amounts of SOL to exchanges. Investors and small investors don't know when the next big sell-off will happen. This keeps Solana on edge because those holding the SOL do not want to be victims of big fluctuations.
According to the latest data from crypto analysis provider Whale Alert, an unknown Solana whale transferred 260,931 SOLs worth approximately $40,502,770 from an unknown wallet to a Famous Cryptocurrency Exchange. Such whale movements are often seen as a sell signal.
While it is unknown whether this whale plans to sell, the current market sentiment is bearish and this could shake investors' confidence in SOL. This unstable atmosphere also shows itself in the price of the coin. From a year-to-date (YTD) high of $209.7, Solana has retreated to its current level after falling as low as $119 earlier this month.
Beating the downtrend
Solana is on the radar of many investors, but growth momentum may not be achieved if the bearish movements do not stop in the short term.
Solana is now recovering from the collapse of the Cryptocurrency Exchange. The collapsed Cryptocurrency Exchange's large holdings of Solana eased concerns about long-term price instability with its consecutive auctions. Solana also launched a major update to its mainnet to reduce the negative impact of network congestion. Overall, Solana looks poised to continue growing, building on the over 590% increase it recorded last year.
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