The Solana dump looks far from over as whales continue offloading their SOL holdings during this market downtrend. The recent shakeup in the crypto space might have also contributed to these whales’ bearish sentiment towards Solana.

Crypto Whale Offloads $16 Million Worth Of Solana
In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a whale who has sold 114,300 SOL ($16 million) on Binance and OKX since August 4. This whale’s most recent sale came on August 20, when they sold 10,000 SOL ($1.41 million).
NewsBTC previously reported about a crypto whale that sold $86 million worth of Solana this year. This particular whale is also back in action, as on-chain data shows that they recently sold 20,000 SOL ($2.9 million). That brings this whale’s total Solana sale to 614,000 SOL ($89 million) since January 15.
Although the reason for these recent sales remains unknown, they could be related to the bearish sentiment in the Solana ecosystem. With its once vibrant meme coin ecosystem being threatened by other networks like Tron and Binance Smart Chain (BSC), Solana’s decentralized exchange (DEX) trading volume is declining, a metric that could ultimately affect its price.
Data from DeFiLlama shows that Solana’s DEX volume has dropped by over 20% in the last seven days. Meanwhile, Tron and BSC’s trading volumes are up by over 436% and 15%, respectively. This development is already weighing on Solana, as SOL’s price has remained tepid. Data from CoinMarketCap shows that Solana is one of the few cryptos in the top 20 crypto by market cap not to have recorded a gain in the last seven days.
Another reason for the recent bearish outlook on Solana is reports that the US Securities and Exchange Commission (SEC) had rejected the Chicago Board Options Exchange’s (CBOE) 19b-4 filings for the Spot Solana ETFs. The Commission is still said to be adamant that Solana is a security.

Some Whales Remain Undeterred
Despite the bearish outlook on Solana, some crypto whales remain undeterred and have seen this as an opportunity to accumulate more SOL. Two whales, in particular, recently invested millions of dollars in the crypto token—the first whale (9tuA8L) withdrew 30,000 SOL ($4.25 million from Binance and staked these tokens on August 21.
Meanwhile, the second whale (7CsCGy) also withdrew 26,245 $SOL ($3.72M) from Binance and staked these tokens on August 21. This move could undoubtedly be profitable, especially if Solana’s fundamentals pick up again. Crypto analysts like Ali Martinez had previously predicted that SOL could reach $1,000 in this bull run.
At the time of writing, Solana is trading at around $142, down in the last 24 hours, according to data from CoinMarketCap.
$SOL
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here's a detailed analysis:

1. Price Action & Key Levels:
• Current Price: $59,480.00, indicating a slight drop of -0.94%.
Support Levels:
• The most significant recent support seems to be around the $49,000.00 level, which has held after a sharp decline.
• The next support is near $54,778.68, which also appears to have been tested.
Resistance Levels:
• Resistance seems to be around the $64,897.26 and above that, $75,015.85.
• A previous significant high around $73,777.00 also serves as resistance.
Trend: The price has recently experienced a sharp drop to the $49,000.00 region but has since recovered. However, it is still below the 99-day moving average (MA 99).
2.Moving Average (MA 99):
• Moving Average (99 periods): The pink line represents the 99-day moving average, which is currently at $63,907.31. The price is trading below this moving average, which typically suggests bearish sentiment in the medium term unless a reversal occurs
3.MACD (Moving Average Convergence Divergence):
• MACD Line (DIF): -937.76
• Signal Line (DEA): -1,090.56
• MACD Histogram: Positive at 152.81.
• Interpretation: Although the MACD lines are still negative, the positive histogram suggests that bearish momentum is weakening, and we could see a bullish crossover soon. However, confirmation is needed.
3.RSI (Relative Strength Index):
• RSI(6): 52.04
• Interpretation: The RSI is relatively neutral, sitting at 52.04. It indicates neither overbought nor oversold conditions at this moment, meaning there could be room for movement in either direction.
4.Stochastic RSI:
• StochRSI: 82.59
• MA StochRSI: 83.64
• Interpretation: The StochRSI is in the overbought zone (above 80), suggesting that BTC could be nearing a potential short-term correction or consolidation before continuing its trend. However, StochRSI in overbought territory can also signal strong upward momentum.
5.Volume:
• Volume: 12,484.25350 USDT.
• Interpretation: Volume is key for confirming price movements. The volume here is substantial, indicating significant market participation.
6.Summary:
• The price is below the 99-day moving average, which signals a longer-term bearish trend, but it is attempting a recovery.
• The MACD shows waning bearish momentum, with the possibility of a bullish crossover forming.
• The RSI is neutral, suggesting no extreme conditions, while the Stochastic RSI indicates overbought conditions, which may hint at short-term exhaustion.
• A strong support level around $49,000 seems to have held, while resistance at $64,000 and $73,000 could pose challenges.
7.Outlook:
• Bullish Case: If the price breaks above the 99-day MA with strong volume, there could be further upside potential toward the $64,897 and $73,777 resistance levels.
• Bearish Case: If momentum weakens further, especially with StochRSI in the overbought zone, a retest of support around $54,778 or even $49,000 could occur.
$BTC #BTC☀ #BitcoinTherapist #CryptoMarketMoves #btcupdates2024

1. Price Action:

Current Price: 141.13 USDT, down by -3.76%.
-Support Levels: There is a strong support level at 110.00 USDT, as indicated by the horizontal yellow line. The blue upward trendline also shows a potential higher support level, connecting higher lows.
-Resistance Levels: Resistance levels appear around 167.39 USDT and higher around 193.98 USDT.
-Moving Average: The 99-period MA is at 154.94 USDT, suggesting that SOL/USDT is trading below the long-term average, indicating bearish sentiment.
2. MACD (Moving Average Convergence Divergence):
-Values: DIF: -4.57, DEA: -4.24, MACD
-Histogram: -0.33
-Trend: The MACD is in the negative territory, with the histogram close to the zero line, indicating weak bearish momentum. However, the convergence of DIF and DEA lines suggests the possibility of a reversal or weakening bearish trend soon.
3. RSI (Relative Strength Index):
-Value: 39.75
Analysis: The RSI is below 50, indicating that the market is in a bearish zone. However, it's not in oversold territory (below 30), suggesting that the price might continue to consolidate or slightly decline before a stronger directional move.
4. Stochastic RSI:
-Value: 24.88
-Analysis: The Stochastic RSI is relatively low, nearing oversold levels. This suggests that a potential short-term reversal could be possible, especially if it drops further below 20 and then reverses upward.
Conclusion:
Bearish Pressure: The price is trading below the 99-period moving average, which reinforces the overall bearish sentiment.
Consolidation: RSI and Stochastic RSI indicate that SOL/USDT could be approaching a short-term bottom or consolidation phase. There is potential for a bounce if it reaches oversold conditions, but it might face resistance near the 154.94 USDT MA.
Key Levels: Watching the support around 110 USDT and the resistance near 167.39 USDT will be important for future price movement.
$SOL #Solana_Blockchain #SolanaUSTD #CryptoMarketMoves #sol板块

As summer unfolds, the cryptocurrency market is showing little upward momentum. Particularly, crypto analyst Ansem has recently projected a steady course for Bitcoin - $BTC and Solana - $SOL in the coming months.
This forecast is grounded in a detailed analysis shared on Elon Musk’s social platform X, where Ansem highlighted potential trends and key scenarios that could influence these major cryptocurrencies’ performance.
Ansem suggests that Bitcoin and Solana might not make bullish strides before the year’s late third or fourth quarter, but they have maintained stability above the March lows.
This suggests a period of consolidation might be underway. However, the narrative for the broader altcoin market diverges significantly, with different coins showing varied trajectories. Ansem’s analysis points to a critical period of sideways movement that could set the stage for future price actions.

The Technical Analysis: A Deeper Dive Into Market Movements
According to Ansem, Bitcoin, and Solana have not dipped below their March lows, which might indicate a consolidation phase that precedes the next leg up.
However, this stability isn’t mirrored across all digital assets. For instance, Avalanche (AVAX) and similar infrastructure projects show signs of breaking below these levels, suggesting a possible new downtrend or a capitulation phase before reclaiming critical levels.
The XRP/BTC chart analysis reveals an interesting trend where Bitcoin and Solana might either maintain their resilience as market outliers or eventually succumb to broader market downturns.
The scenarios laid out by Ansem include:
BTC and SOL as Outliers: Bitcoin and Solana might continue to hold their current low levels of consolidation, with Bitcoin staying between $58,000 and $60,000 and Solana between $110 and $120
This scenario anticipates that while other altcoins might have already hit their lows, they will bottom out when majors do, following some sideways action.
General Market Downturn: If BTC and SOL are not outliers, they might catch up with the downside experienced by the broader market.
This could lead to a significant market capitulation, potentially pushing Bitcoin to between $48,000 and $52,000 and Solana to between $85 and $100.
Total Market Peak: Ansem considers it highly unlikely that the entire market has peaked, dismissing this scenario as improbable.
He suggests an extended period of sideways movement is a more plausible outcome. At the same time, application development within the crypto space continues, potentially buoyed by ongoing inflows into Bitcoin and Ethereum exchange-traded funds (ETFs).
Bitcoin And Solana: Synced Trends And Upcoming Altseason

In recent trading sessions, Bitcoin and Solana have reflected similar price behaviors, both experiencing a modest 0.1% decrease over the last 24 hours. Despite this, their weekly performance diverges significantly; Bitcoin has dropped by 6.4%, while Solana has seen a sharper decline of 14.3%.
Currently, Bitcoin’s price is $64,816, whereas Solana is trading at $136.81. Turning attention to broader market movements, Crypto analyst Moustache has recently shared his optimism about the potential for an upcoming Altseason, noting positive signals on Bitcoin’s three-week chart.

He emphasizes the importance of patience and strategic accumulation of quality altcoins during this phase, suggesting that “good things” are on the horizon for those who stay the course.