Solana

Amidst the struggling cryptocurrency market, a recent post by blockchain transaction tracker Whale Alert has garnered massive attention from the cryptocurrency community. According to the post on X (formerly Twitter), within the last 6 hours, over 27.1 million SOL, the world’s 5th biggest cryptocurrency worth $420 million, was transferred to major cryptocurrency exchanges Coinbase and Kraken. $420 million SOL transferred to CEXs 
However, this massive transfer of SOL occurred in 4 different transactions. Additionally, the reason for this massive Solana (SOL) transfer from an unknown wallet to Coinbase and Kraken remains unknown, but it has not had any impact on the price of SOL.&nbsp;
Despite the significant 27.1 million SOL transfer, it is currently trading near $155, and in the last 24 hours, it has experienced over a 2.2% upside momentum. Looking at <a href="https://news.todayq.com/solana-ends-bearish-streak-with-11-surge-are-sol-bulls-back/" rel="noopener noreferrer nofollow">SOL’s performance</a> over a longer period, in the last 7 days, it has experienced over a 20% upside momentum, while in the last 30 days, it is still down by 15%. Solana Technical analysis and key levels 
However, this massive transfer of SOL took place near a strong resistance level, which is $159. If this massive transfer is for selling purposes, there might be a chance that the SOL price will fall. According to expert technical analysis, SOL on the 4-hour time frame is looking bullish as it is trading above the 200 EMA (Exponential Moving Average) and is currently trading near a strong level.&nbsp; Source: TradingView 
Besides this bullish outlook for SOL, if we look at the SOL chart in a 4-hour time frame, it has formed a bullish double-bottom price action pattern. Currently, it is consolidating and trading near the neckline of the double-bottom pattern. If the SOL price breaks out of this neckline and closes a 4-hour candle at the $161.5 level, then there is a possibility that SOL may regain its original $200 level. If it fails to break out, then SOL may drop to the $140 level.
In addition to Solana’s massive token transfer, in the last 6 hours,Whale Alert has also made multiple posts on X where it was observed that in the last 12 hours, crypto whales have deposited over 27.9K Ethereum worth more than $90 million to different cryptocurrency exchanges. However, there is speculation that this massive transfer of SOL and ETH might cause a significant price fall.

Solana whales move $420 mln SOL to Coinbase, Is this a sell signal?

Todayq News

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