A notable whale recently shifted significant amounts of Solana (SOL), revealing key insights into market behavior and price trends. As per Lookonchain data, two days ago the whale unstaked and withdrew 139,532 SOL, worth approximately $19.5 million.
This move was quickly followed by a deposit of 139,447 SOL into Binance, incurring a loss of $5.5 million in the process. On July 22, the whale withdrew 138,894 SOL worth $25M from Binance when SOL traded at $180. This sequence of actions has sent ripples through the Solana market, prompting analysts to scrutinize price trends and market sentiment more closely.
Examining the price dynamics, Solana trades at $138.13 at press time, reflecting a slight decline of 0.28% over the past day. The price trend reveals critical support and resistance levels. Key support has emerged around $132, a level that could potentially hold firm given its status as the lowest point on recent charts. Additionally, the $136 mark has shown resilience, serving as another minor support level where the price has bounced back several times.
On the resistance front, the $140 level stands out. This price point has repeatedly tested the limits of Solana’s upward movement but has failed to sustain a breakout, positioning it as a crucial resistance level. These support and resistance levels will likely play a significant role in determining future price movements.
Solana Poised for Growth, Crypto Analyst Forecasts UptrendFurthermore, Solana’s 1-week Relative Strength Index (RSI) reads 48.90, indicating a neutral position in the market. However, the Moving Average Convergence Divergence (MACD) is trading below its signal line, suggesting that a bearish trend may be emerging. This technical indicator aligns with the general market sentiment, which has been shifting.
According to Coinglass data, Solana’s trading volume has surged by 6.75%, reaching $6.48 billion. In contrast, open interest has decreased by 1.86%, standing at $2.05 billion. The long/short ratio over the past 24 hours is relatively balanced at 0.9312, but a slight inclination towards short positions is evident. In contrast, Binance’s long/short ratios show a preference for long positions, suggesting that accounts and top traders are generally bullish.
Recent liquidation data also underscores the volatility in the market. The largest liquidations in the past 12 and 24 hours amounted to $759.77K and $8.85 million, respectively. Notably, short positions have experienced more significant losses compared to long positions, highlighting the turbulent nature of current trading conditions.
