• A whale just sent over 1 million solana (SOL) tokens to Binance, leading to concerns of a potential dump among market watchers.
• The asset is stuck in an extended consolidation, as it seeks to reclaim the $25 price point since plummeting below it on April 18.
• Despite recent drops, SOL has defended its support at the $20 mark and is looking to capitalize on the next market-wide rally to recapture the $30 zone.
Whale Sends 1 Million Solana To Binance
A whale recently transferred 1 million solana (SOL) tokens to crypto exchange Binance, causing market watchers to worry about a possible selloff. This transaction comes when the asset is stuck in an extended consolidation phase as it seeks to reclaim its price of $25 from before April 18th’s drop.
The transfer was highlighted by Whale Alert, with data from the Solana explorer showing that the transaction involved 1,001,394 SOL currently valued at around $22.19 million against prevailing rates. The sending address appears to have been left empty after this transaction took place.
This development has stirred up fears that a selloff may follow soon afterwards. While speculation remains high due to limited information regarding the movement, analysts are keeping an eye out for further declines in solana’s price should such a trend take shape.
Price Movement Since April 18th
Since dropping below $10 in response to FTX’s implosion crisis, solana has been trying hard to rise back above its pre-implosion levels of more than $30. However, resistance continues coming from bearish forces which have prevented it from reaching that mark so far. In order for SOL prices to reach their desired level again, they will need some help from a strong rally in the entire cryptocurrency market climate.
Defending Support At The $20 Mark
Despite occasional dips here and there along its journey upwards since April 18th, SOL has managed well enoughto defend itself against any falls below$20 – something which could trigger a free fall all the way down towards$16 if breached decisively enough times in succession . As it stands right now at 10:59 am Markets Share on May 4th 2023 , solana has appreciated by 2.21% during the last 24 hours and is trading at around$22 .19 per token .