It appears, despite the current uncertainty, that the interest of crypto whales in Solana has returned. Recently, millions of dollar’s worth of positions were bought for this altcoin.
On 9th January, Onchain Lens (a prominent whale tracking company) shared a message on X revealing a crypto-whale recently deposited an $8.09million and had placed a purchase order for SOL in the range between $133.88 and $135.
This huge buy order indicates the whale’s continuing interest in SOL even though the price has been moving sideways. Press time. SOL’s price was trading at $140 – Up 2.48% over the last 24 hours.
Trading volume jumped by 25%, to $5.05billion, indicating a high level of interest.
Solana (SOL) investors, traders turn bullish
If the trading volume and price are increasing, this usually signals that investors or traders have a strong interest in a trend.
The derivatives data of Coinglass Investors and traders both have bullish views at the moment. Particularly since they’ve been building up positions and betting the long side in recent times.
According to the SOL spot inflow/outflow metric, over the last 24 hours, exchanges have recorded net outflows of $1.30 million – A sign of potential accumulation.
Coinglass
At $136, the traders built positions worth 111.52 million dollars in long leveraged.
It’s important to note that $141.4 represents another level of over-leverage. The level is one where traders have built short-leveraged position worth $84.59 millions.
Coinglass
SOL: Price action and future levels to be on the lookout for
The price movement is also playing an important role. AMBCrypto analyzes the technical data and believes that SOL may be facing some difficulties at the $145.85 key level on the daily charts.
TradingView
SOL price has now tested the level at least six times. Every time the altcoin’s price has tried to surpass it, they have failed.
If SOL is able to break this hurdle, and close a candle daily above $146, then there’s a good chance that the price could increase by 15% in the near future, and even reach $168.
If it does not reach this threshold, the history could repeat itself and prices may reverse.
At press time, the Average Directional Index (ADX)—a technical indicator that measures trend strength—stood at 27.36, slightly above the key threshold of 25. The market trend was strengthening, as this indicated. The Exponential Moving Average 50 days (EMA) indicated that SOL’s trend would continue to be up over a shorter period of time.
Last Thoughts
- Crypto whales placed orders for SOL worth up to $8.09 Million in the price range $133.88 – $135.
- Investors and traders are both bullish, but the next price rise will depend on several factors.
“This article is not financial advice.”
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Source: ambcrypto.com
