A Solana (SOL) whale has been stacking up from Binance, recently withdrawing 174,767 SOL, as price descended.
Based on current market prices, this is worth approximately $30.37 million. The whale then staked the withdrawn funds.
Solana’s market price reached $178 amid this new accumulation, with its market value rising 3%.
However, as per more recent data, Solana price has retrace to $173.68, with a 2.34% drop in 24 hours.
Whale Activity and Its Impact on Solana Price
CoinMarketCap data shows a rising trend as $SOL prices have climbed from their previous value of $175.21 to $179.10 in recent times.
Solana and the broader market show an upward trend because investors believe in its technological enhancements and increasing use in decentralized finance (DeFi) and other sectors.
Solana’s market cap exceeds $84.86 billion, while its 24-hour trading activity reached $4.03 billion, marking a 9.48% growth above earlier periods.
According to the presented statistics, trade volume and investor participation in the asset remain positive.
The current market engagement appears strong because Solana’s 24-hour volume-to-market cap ratio reaches 4.78%.
Analysts now believe Solana price is trying to bounce midway. The experts predicted a bounce from the 133 level if it formed a strong base near it.
The scenario now seems to be unfolding.
Solana’s Bouncing Back Towards $180?
Solana has displayed upward price actions across the last few days, even though its value has experienced sporadic changes.
The price of Solana experienced an upward trajectory precisely when whales started making their market transactions.
The price maintained a consolidated state following a preceding adjustment that took it from $180.15 to $178.83 and now at $173.63.
This shows high volatility as the assets look to retract before repeating their attempts at breaking relevant price levels.
This is seen from a downward market movement that occurred within the principal bullish price trend, as shown in the red price movement in the chart.
The ADX (Average Directional Index) measures 41.52, indicating a powerful market trend.
The present bearish momentum reached almost 90% strength, as noted in the ADX, reaching above 25 before last week’s price increase.
The ADX value decline signals that current trend strength is weakening, which indicates a short-term reversal or consolidation is possible.
The market has set its resistance at the $180 mark because it represents the previous high preceding the decline.
Additional price growth may slow down since another rise to this level will encounter strong resisting forces.
Solana’s previous market behavior showed that the $176 price area maintains strong support, which indicates that this region could act as a stable basis if prices start decreasing.
The post Will Solana Reclaim $180, Price Retraces Below $176 Support Level appeared first on The Coin Republic.
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