Solana (SOL) Shines 40% Toward $60 As Whales Make Big Moves
14 November 2023 - 5:00AM
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Undoubtedly establishing itself as a standout performer in the
expansive altcoin market, Solana has achieved exceptional growth
over the course of the past year, marking an impressive surge of
nearly 300%. This remarkable ascent underscores Solana’s resilience
and appeal within the cryptocurrency landscape. The cryptocurrency
has not merely kept pace but has outpaced many of its counterparts,
solidifying its status as a noteworthy investment choice. Presently
exchanging hands at approximately $58, Solana exhibits an
impressive display of relentless upward momentum, notably
experiencing a noteworthy 40% surge in value within the last seven
days alone. Source: Coingecko This surge not only reflects the
cryptocurrency’s immediate strength but also contributes to its
status as a formidable player in the digital asset arena. Related
Reading: Boom! Cronos Unleashes 57% Weekend Explosion, Beating All
In The Top 100 Crypto Ranking Solana Price Gets Boost From Whales
As of the current moment, Solana proudly holds the prestigious
position as the 7th largest cryptocurrency, fortified by a
substantial market capitalization that has exceeded the impressive
milestone of $24 billion. 🚨 325,222 #SOL (18,666,993 USD)
transferred from unknown wallet to #Binancehttps://t.co/ECEpdMJM72
— Whale Alert (@whale_alert) November 11, 2023 Whale Alert revealed
two significant Solana trades on November 12th, each worth more
than $30 million. Transferring 325,222 SOL—worth more than $18.6
million—to the Binance exchange was the initial transaction. Solana
whales have been engaging in a higher volume of huge transactions
lately, transferring a considerable portion of the tokens to
exchanges. Given this recent behavior, is it feasible that SOL’s
gains would gradually decline? Taking long positions, traders are
now witnessing a notable shift in behavior due to Solana’s highest
positive funding rate of the year, reaching 0.07% on November 12.
SOL market cap reached $24.2 billion today. Chart: TradingView.com
This optimistic outlook reflects their confidence in the continued
upward movement of the price. Meanwhile, the surge in Open Interest
(OI) signifies a capital influx into Solana, with traders actively
opening new positions. Coinglass’ data reveals that Solana’s OI
volume has been on a consistent upward trend since the beginning of
November, reaching over $760 million at the time of writing.
Source: Coinglass Notably, the last instance of SOL experiencing
such a high OI volume was around May 2022. This historical context
emphasizes the significance of the current surge in OI and its
implications for Solana’s market dynamics. The rate of SOL is near
the resistance on the hourly chart, indicating that buyers have
some degree of influence over sellers. By the end of the day, if
nothing changes, the growth may go pas the $60 level. Related
Reading: Mysterious Wallet Transfers 18 Million MATIC To Coinbase –
What’s Going On? According to the weekly chart analysis, the rate
of SOL is poised to conclude within the positive zone. Currently,
there is a lack of negative indicators. In the event of the bar’s
closure in proximity to the $60 range, it is plausible that an
upward movement might ensue, potentially culminating in an
examination of the $65 range in the near future. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
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