Solana

Million

when

Two high-volume transactions involving <a href="https://www.newsbtc.com/news/solana-is-not-done-analyst-identifies-bull-flag-that-will-trigger-massive-rally-above-150/">Solana (SOL)</a> have caught the attention of the crypto community considering the impact they could have on the <a href="https://www.newsbtc.com/news/solana/solana-headed-to-100/">crypto token’s price</a>. Moreover, these transactions have come at a time when SOL risks dropping below the psychological price level of $90.&nbsp; 
<h2 id="solana-whales-move-82-million-worth-of-sol">Solana Whales Move $82 Million Worth Of SOL</h2> 
<a href="https://whale-alert.io/transaction/solana/2nDrfGp4YCfFhbhdhiWL8BGBK7Lgu1qHfW8pKaU1cWUN2hdBPwQDB9WcSoCsbH1vqLa1rvDnqst5PtFgs9rQuA7y" rel="nofollow">Data</a> from the blockchain analytics platform Whale Alert shows that an unknown wallet address (7v2M…Ao3C) moved 659,283 SOL to another unknown wallet address (3vxh…gkom). The movement of such a <a href="https://www.newsbtc.com/news/solana-sol-shines-40-toward-60-as-whales-make-big-moves/">significant amount of SOL</a> has raised speculations as to what the intention of the wallet owner might be. 
A <a href="https://www.newsbtc.com/analysis/xrp/xrp-whales-make-big-moves/#:~:text=XRP%20Whales%20are%20causing%20a,in%20the%20last%2024%20hours.">common theory</a> is that the transaction might have been made in a bid to offload these crypto tokens. That could have a negative impact on <a href="https://bitcoinist.com/solana-network-celebrates-major-milestone/" rel="nofollow">SOL’s price</a>, considering how much is involved. However, the fact that the SOL tokens weren’t sent to a centralized exchange helps to counter this theory and raises the possibility of the tokens being transferred for other purposes.&nbsp; 
Meanwhile, the second recent whale move provides some needed relief to the Solana community, considering the nature of the transaction. <a href="https://whale-alert.io/transaction/solana/2gb6LTJK8FyE9RZRWNE4HYGBAq3Mksws185bGYPQnrUaTALem153d1tq9nVALsknVzBJUUJ1afy5EQMQMy2DaV3Z" rel="nofollow">Data</a> from Whale Alert shows that 150,000 SOL was sent from a wallet address linked to the Bybit crypto exchange to an unknown wallet address (42br…pJFd). 
Moving tokens from a <a href="https://bitcoinist.com/bybit-mastercard-launch-crypto-card/" rel="nofollow">centralized exchange (CEX) like Bybit</a> usually passes a bullish narrative as it suggests that the token holder was likely moving their tokens to cold storage. Such a move also means that the Solana whale in question was planning on holding the token long-term, as they believe in its potential to <a href="https://www.newsbtc.com/news/solana/solana-corrects-1000-rally/">make more gains</a> in the future.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/FWjoYPu3/" alt="Solana price chart from Tradingview.com (SOL whales)" width="3266" height="1530"> 
<h2 id="sol-to-drop-below-90">SOL To Drop Below $90?</h2> 
Like the rest of the broader crypto market, SOL has recently suffered a decline in its price, dropping below the <a href="https://www.newsbtc.com/analysis/sol-price-surges-10-solana-aim-125/">$100 support level</a> in the process. This <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-up-above-43000/">current downward trend</a> has also raised fears that SOL could retest the $90 price level and even drop below it if it is unable to find support at that level.&nbsp; 
<a href="https://www.newsbtc.com/news/solana/solana-corrects-1000-rally/">Crypto analyst Bluntz Capital</a> recently <a href="https://x.com/Bluntz_Capital/status/1752877874309406912?s=20" rel="nofollow">provided</a> some insights into where SOL’s price might be headed from a <a href="https://bitcoinist.com/bullish-or-bearish-bitcoin-price-elliott-wave/" rel="nofollow">technical analysis standpoint</a>. According to him, SOL is likely to “bounce first before coming down for a C wave down into the 0.618 later on.” From the accompanying chart he shared, one could see that the C wave is placed at $88.99, just below the $90 level.&nbsp; 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-572658 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Solana-whales.png?w=460&amp;resize=460%2C379" alt="Solana whales" width="460" height="379" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Solana-whales.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana-whales.png?w=460&amp;resize=460%2C379 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
&nbsp;At the time of writing, SOL is trading at around $93, down over 7% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/solana/" rel="nofollow">data</a> from CoinMarketCap.&nbsp;

Solana Whales Move $82 Million Worth Of SOL, Will Price Crash Below $90?

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