Solana

Convergence

Solana(SOL) price has been experiencing a horizontal market trend with modest gains recently. Over the last several days, its price has shown some fluctuations. Similar to other cryptocurrencies, Solana has witnessed a slight market rebound, signaling a potential upturn in investor sentiment. 
<h2 id="strong-solana-price-whales-transfer-8m-tokens-is-sol-poised-for-breakout-strong">Solana Price Whales Transfer 8M Tokens: Is SOL Poised for Breakout?</h2> 
The latest update from Lookonchain, an on-chain analytics firm, on X reveals substantial activity in the Solana market. On August 22, two prominent cryptocurrency investors, known by their addresses “9tuA8L” and “7CsCGy,” collectively transferred 56,245 SOL, valued at approximately $8 million, from Binance [BNB].&nbsp; 
<blockquote class="twitter-tweet"> 
 2 whales bought <a rel="nofollow" href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> and staked! 
 9tuA8L withdrew 30,000 <a rel="nofollow" href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($4.25M) from <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> and staked 7 hours ago.<a rel="nofollow" href="https://t.co/1YCSgze4nv">https://t.co/1YCSgze4nv</a> 
 7CsCGy withdrew 26,245 <a rel="nofollow" href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($3.72M) from <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> and staked 6 hours ago.<a rel="nofollow" href="https://t.co/WYUZhKdoRb">https://t.co/WYUZhKdoRb</a> <a rel="nofollow" href="https://t.co/VtbSTAA3pk">pic.twitter.com/VtbSTAA3pk</a> 
 — Lookonchain (@lookonchain) <a rel="nofollow" href="https://twitter.com/lookonchain/status/1826459954989203920?ref_src=twsrc%5Etfw">August 22, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The former account moved 30,000 SOL, whereas the latter transferred 26,245 SOL. This significant acquisition suggests that these investors are capitalizing on the current favorable buying conditions despite the overall bearish sentiment in the market. 
Data from the analytics platform <a rel="nofollow" href="https://app.santiment.net/charts/70MKfZza__sCl">Santiment</a> highlights fluctuations in these metrics. The graph presents two lines: the green for Solana’s price and the red for whale stablecoin holdings. Periods where increases in whale holdings align with rises in Solana’s price are visible.&nbsp; 
A sharp increase in stablecoin holdings by whales appears without an immediate Solana price increase.&nbsp; 
This could indicate a preparatory phase by investors, possibly hinting at upcoming market transactions. The influence of whales through substantial stablecoin transactions warrants ongoing observation.&nbsp; 
<figure id="attachment_213652" aria-describedby="caption-attachment-213652" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-213652" src="https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-1.png" alt="Solana Price Analysis: SOL Struggles Under $150, What's Next?" width="1117" height="535" srcset="https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-1.png 1117w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-1-300x144.png 300w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-1-768x368.png 768w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-1-150x72.png 150w" sizes="(max-width: 1117px) 100vw, 1117px">
 <figcaption id="caption-attachment-213652" class="wp-caption-text">
 Source- Santiment
 </figcaption>
</figure> 
Solana price has seen significant fluctuations over the past 24 hours. The altcoin has been hovering between a high of $144.81 and a low of $140.93, indicating volatility in the market. As of reporting time, the<a href="https://coingape.com/price/solana/"> SOL price</a> hovered at $142.82, making a slight surge of 1.10% during the day. 
Over the past month, the price of Solana has experienced a significant downturn, declining by 20.26%. The past week alone saw a further decrease of 1.70%, continuing the downward trend.&nbsp; 
<h2 id="strong-can-solana-hold-170-amid-volatility-strong">Can Solana Hold $170 Amid Volatility?</h2> 
The layer 2 cryptocurrency is struggling to break past the $193 mark. If buyers intensify their efforts, the <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/">Solana price prediction</a> could reach $200 and possibly even $250 in an upcoming rally. 
The Moving Average Convergence Divergence (MACD) indicator slightly converges below the zero line, indicating weak bearish momentum. The MACD line is just above the signal line, suggesting a potential shift in momentum or stabilization in the near term. 
Additionally, the Relative Strength Index (RSI) stands at 49. This value suggests that SOL/USDT is neither overbought nor oversold, supporting a balanced market environment without immediate directional bias. 
<figure id="attachment_213653" aria-describedby="caption-attachment-213653" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-213653" src="https://coingape.com/wp-content/uploads/2024/08/SOLUSDT_2024-08-22_21-17-36.png" alt="Solana Price Analysis: SOL Struggles Under $150, What's Next?" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/08/SOLUSDT_2024-08-22_21-17-36.png 1154w, https://coingape.com/wp-content/uploads/2024/08/SOLUSDT_2024-08-22_21-17-36-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/08/SOLUSDT_2024-08-22_21-17-36-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/08/SOLUSDT_2024-08-22_21-17-36-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-213653" class="wp-caption-text">
 Solana Price Chart: Source| <a rel="nofollow" href="https://www.tradingview.com/x/Dhp3Bs65/">TradingView</a>
 </figcaption>
</figure> 
A key support level of $170 is vital to stabilize the Solana price. On the downside, increased selling pressure could push the price below this point to $160. If this downward trend persists, SOL value may dip further to $150. 
The post <a href="https://coingape.com/markets/solana-price-analysis-sol-struggles-under-150-whats-next/">Solana Price Analysis: SOL Struggles Under $150, What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price Analysis: SOL Struggles Under $150, What’s Next?

Table of Contents

Coingape News Media

Other articles published on Aug 22, 2024

Economy: Business Bankruptcies are Skyrocketing in France

Goldman Sachs Contradicts Past Skepticism with $418M Bitcoin ETF Investment

BREAKING: Alarming Development In This Altcoin – A Significant Portion Of Collateral Removed With...

Crypto Expert Reviews The Meme Games Presale – Why Early Investors Should Watch This Low-Cap Token

Virtual Assets Now Covered Under China’s Anti-Money Laundering Law

Bitcoin Gearing Up for a ‘Parabolic’ Rally in Q4? Historical Data Suggests It Might Be

Join our free newsletter for daily crypto updates!