A significant Solana transfer was reported by Whale Alert, a blockchain data tracker. The transaction involved moving 154,912 SOL worth $23,928,285 from an unknown wallet to Binance. This large transfer has raised attention as it coincides with a recent Solana price drop.
Solana’s price has been fluctuating lately, and this whale investor’s move may indicate they are taking profits after the cryptocurrency’s recent surge. At the time of writing, Solana’s price was down 3.24% in the last 24 hours.
Here is an overview of Solana’s price action: After falling to $109.99 on August 5, Solana rebounded strongly and hit highs of $165. However, the price met resistance at this level and has since retreated slightly. At present, SOL is trading at $155.
If Solana can sustain above its 50-day simple moving average (SMA) at $153, it could reach an overhead barrier of $189. This will be a significant test for bulls. On the downside, if the price breaks below both daily SMAs at $153 and $147, bears may be selling rallies. In this case, Solana might fall to $116.
Source: https://u.today/major-solana-sol-move-to-binance-what-are-whales-signaling