Solana

<p>The post <a href="https://coinpedia.org/news/will-solana-price-crash-institution-dumps-19-5m-of-sol/" rel="noopener noreferrer nofollow">Will Solana Price Crash? Institution Dumps $19.5M of SOL</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Market sentiment suggests that Solana’s (SOL) price may crash to the $80 level. On August 31, 2024, the on-chain analytic firm Lookonchain made a post on X (previously Twitter) that Crypto Whale or Institution dumped a significant 139,532 SOL worth $19.5 million to Binance at a loss of $5.5 million.</p>
<h2 class="wp-block-heading" id="h-solana-whale-sell-off-140k-sol-nbsp"><strong>Solana Whale Sell-off 140K SOL&nbsp;</strong></h2>
<p>According to a post on X, the whale wallet address “FkVrB” initially unstaked 139,532 SOL worth $19.5 million and later deposited it to Binance two days ago. The data shows that the wallet address “FkVrB” purchased this significant SOL when it was trading at the $180 level in July 2024, potentially in anticipation of a spot Solana Exchange Traded Fund (ETF) in the United States.&nbsp;</p>
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   <p lang="en" dir="ltr">A whale/institution unstaked and withdrew 139,532 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a>($19.5M) 2 days ago.<br><br>Then deposited 139,447 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a>($19.5M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> at a loss of $5.5M in the past 2 days.<br><br>The whale withdrew 138,894 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a>($25M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> on July 22, when the price was $180.<a href="https://t.co/A6AKhPZvZn" rel="noopener noreferrer nofollow">https://t.co/A6AKhPZvZn</a> <a href="https://t.co/mMnrGJD3iQ" rel="noopener noreferrer nofollow">pic.twitter.com/mMnrGJD3iQ</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1829736219728847001?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 31, 2024</a>
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<p>Since then SOL has never revisited the $180 level and currently, it looks bearish.&nbsp;</p>
<h2 class="wp-block-heading" id="h-solana-price-prediction-nbsp"><strong>Solana Price Prediction&nbsp;</strong></h2>
<p>According to expert technical analysis, <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">Solana</a> (SOL) is currently at a crucial support level of $127. Additionally, it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend.&nbsp;</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/31233949/SOLUSDT_2024-08-31_23-39-35-1024x448.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/31233949/SOLUSDT_2024-08-31_23-39-35-1024x448.png" alt="" class="wp-image-345453" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/31233949/SOLUSDT_2024-08-31_23-39-35-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/31233949/SOLUSDT_2024-08-31_23-39-35-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/31233949/SOLUSDT_2024-08-31_23-39-35-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/31233949/SOLUSDT_2024-08-31_23-39-35-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/31233949/SOLUSDT_2024-08-31_23-39-35-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/31233949/SOLUSDT_2024-08-31_23-39-35.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: Trading View
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<p>Based on the historical price momentum, whenever SOL reaches the support level of $127, it tends to see a massive upside rally. This time, there is a high chance it could soar by 40% to the $180 level.</p>
<p>However, if SOL fails to hold this support level and closes a daily candle below the $120 level, there is a high possibility that SOL could fall to the next support level at $80.</p>
<h3 class="wp-block-heading" id="h-sol-s-bearish-on-chain-metrics"><strong>SOL’s Bearish On-chain Metrics</strong></h3>
<p>Today’s CoinGlass SOL OI-weighted funding rate signals that short-sellers are highly dominating and liquidating the long positions. Currently, SOL’s OI-weighted funding rate stands at -0.0034%, indicating bearish sentiment and a price decline in the coming days.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/31234237/cjendjdn.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="239" src="https://image.coinpedia.org/wp-content/uploads/2024/08/31234237/cjendjdn-1024x239.png" alt="" class="wp-image-345457" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/31234237/cjendjdn-1024x239.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/31234237/cjendjdn-300x70.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/31234237/cjendjdn-768x180.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/31234237/cjendjdn-1536x359.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/31234237/cjendjdn-150x35.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/31234237/cjendjdn.png 1732w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: CoinGlass
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<p>As of now, the major liquidation levels are near $133.3 on the lower side and $139 on the upper side, indicating traders are over-leveraged at these levels, according to CoinGlass data.&nbsp;</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/31234010/ienjf.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="417" src="https://image.coinpedia.org/wp-content/uploads/2024/08/31234010/ienjf-1024x417.png" alt="" class="wp-image-345454" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/31234010/ienjf-1024x417.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/31234010/ienjf-300x122.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/31234010/ienjf-768x313.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/31234010/ienjf-150x61.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/31234010/ienjf.png 1467w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: CoinGlass
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<p>If the sentiment remains bearish and SOL’s price falls to the $133.3 level, nearly $60 million worth of long positions will be liquidated. Conversely, if sentiment shifts and the price rises to the $139 level, approximately $21.5 million worth of short positions will be liquidated.&nbsp;</p>
<h3 class="wp-block-heading" id="h-solana-price-analysis"><strong>Solana Price Analysis</strong></h3>
<p>At press time, SOL is trading near $135 and has experienced a modest price surge of over 1% in the last 24 hours. Meanwhile, its open interest has declined by 2% during the same period, indicating lower interest from traders amid the market downturn.</p>

Will Solana Price Crash? Institution Dumps $19.5M of SOL

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