- Solana whales have sold off their stocks as the prices are surging.
- However, the traders have turned negative.
Solana [SOL] The popularity of memecoins in its network has led to a surge of activity. SOL prices also surged during the bullish frenzy on the market.
Whales get cash back
Whales are observed profiting from their activities. According to Lookonchain’s dataA whale recently deposited SOL tokens amounting to $87.6 millions into Binance within the past 24 hours.
The same investor withdrew from Binance 879,441 SOL Tokens valued at $67.92 Million, with an average token price of $77.50. This whale redeposited SOL tokens, valued at $106.7million, into Binance at a cost of $150 per token.
These transactions resulted in a gain of about $38,7 millions for the investor.
Rapid buying and selling by an investor in a short period of time can lead to increased volatility and market uncertainty.
SOL may be viewed as a bearish token in the near future due to such volatility.
While the actions of the investors may result in significant short-term profits, they can also negatively affect sentiment towards SOL.
Price movement analysis
SOL’s price soared 11.25% over the past 24 hours despite this. SOL’s recent price increase was part of an overall bullish trend which has driven the token value up.
The Chaikin money flow (CMF), for SOL, spiked at 0.30 during this price increase, showing substantial purchasing pressure and positive cash flows into the token.
CMF’s recent rise in price is further evidence of the strong demand for SOL.
The On-Balance volume (OBV), for SOL, also experienced an increase during the period of appreciation in price. OBV measures the buying or selling pressure by adding volume to price movements.
How Much Are 1,10,100 SOLs worth today?
An increase in OBV indicates increased purchasing activity in the market.
Trading View
Many traders were sceptical about this price surge. AMBCrypto analysed coinglass’ data and found that SOL’s bearish position was on the increase.
Coinglass
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com
