bullish

Solana

Coin

<p>Recently,&nbsp;<a href="https://www.thecoinrepublic.com/2024/11/03/solana-ecosystem-booms-as-whales-cash-out-growth-ahead/" rel="noopener noreferrer nofollow">Solana</a>&nbsp;Whale sold off 265,070 SOL at a value of roughly $43.96 million. This offload is an interesting move given that Solana is becoming more interoperable with Ethereum. This underscores a complex market landscape where sentiment signals optimism.</p>
<h2 class="wp-block-heading" id="h-large-solana-sell-off-amidst-positive-sentiment"><strong>Large Solana Sell-Off Amidst Positive Sentiment</strong></h2>
<p>A smart whale acquired 500,862 SOL between August 7 and October 23, 2023. Acquiring it at an average price of $23.6 for $11.81 million. Recently sold 265,070 SOL, generating $43.96 million.</p>
<p>At the moment, the whale holds 132,089 JitoSOL ($24.72M) and 126,631 SOL ($20.58M). Such retention indicates a planned move to lock up profits while preserving a major stake in Solana. Actions from high-stakes players often create market perceptions and impact retail trading behavior.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">A smart whale sold 265,070 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a>($43.96M) for profits recently.<br><br>This whale bought 500,862 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a>($11.81M at that time, $81.14M currently) at only $23.6 between Aug 7 and Oct 23, 2023.<br><br>He currently holds 132,089 $JitoSOL($24.72M) and 126,631 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a>($20.58M), with a profit of ~$87M on… <a href="https://t.co/LiEPpi7mll" rel="noopener noreferrer nofollow">pic.twitter.com/LiEPpi7mll</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1853308709788942336?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 4, 2024</a>
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<p>Data from Solana Floor indicates in October alone,&nbsp;more than $600 million were bridged into Solana. This influx speaks to Solana’s rise in interoperability and clout.</p>
<p>The rising pumping of assets into Solana conforms with broader crypto ecosystem interest in blockchain cross compatibility. This further positions Solana ahead among other blockchains in the ecosystem.</p>
<p>However, the timing of the whale’s partial sell-off raises questions. Both the crowd and smart money are reporting a unified bullish sentiment.</p>
<p>Smart money sentiment, which represents the excitement of experienced investors in Solana, amounts even to 1.70. It is much higher than the 1.04 figure for the crowd sentiment score, which signals optimism of general market participants.</p>
<figure class="wp-block-image size-full"><img decoding="async" width="750" height="624" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-2-1.png" alt="Source: X" class="wp-image-810073" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-2-1.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-2-1-300x250.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-2-1-150x125.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-2-1-696x579.png 696w" sizes="(max-width: 750px) 100vw, 750px">
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  Source: X
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<p>On the surface, this makes some sense, indicating that retail and institutional investors are aligned with the market and are expecting an uptick, which would imply a good outlook for Solana at least in the near term.</p>
<h2 class="wp-block-heading" id="h-technical-trends-signal-breakout-as-solana-holds-critical-support"><strong>Technical Trends Signal Breakout as Solana Holds Critical Support</strong></h2>
<p>The descending resistance trendline in&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/solana/" rel="noopener noreferrer nofollow">SOL’s</a>&nbsp;technical setup appears as a consolidation within a larger upward trend.&nbsp;<a href="https://www.thecoinrepublic.com/2024/10/31/solana-sol-smashes-golden-cross-heres-how-price-reacts/" rel="noopener noreferrer nofollow">Solana</a>&nbsp;is close to the 200-day Simple Moving Average at $157.56, which forms a critical support zone that represents strong buyer interest.</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="472" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-3-1-1024x472.png" alt="Source: Tradingview" class="wp-image-810078" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-3-1-1024x472.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-3-1-300x138.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-3-1-768x354.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-3-1-1536x708.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-3-1-150x69.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-3-1-696x321.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-3-1-1068x493.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-3-1.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Source: Tradingview
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<p>The price is at the resistance trendline, attempting a breakout, with a clear objective just above the $190 resistance level. This level aligns with Solana’s recent bullish trend and represents a solid point of reference for further upward momentum.</p>
<p>Relative Strength Index is at 45.61; neutral momentum supports room for growth before hitting overbought conditions. This is good for Solana’s bullish trend, as it serves as a good benchmark for upward momentum.</p>
<h2 class="wp-block-heading" id="h-liquidation-heat-map-highlight-key-165-and-160-levels"><strong>Liquidation Heat Map Highlight Key $165 and $160 Levels</strong></h2>
<p>Price fluctuations near these levels expose leveraged positions to liquidation risk, which can result in sharp movements if large volumes are forced to close. These heat zones serve as focal points where traders may adjust their positions to prevent forced liquidation, thereby creating critical support or resistance dynamics around $165 and $160.</p>
<p>The liquidation heatmap reveals potential risk for forced liquidation high leverage zones. The concentrated zones of green and yellow around the $165 and $160 levels indicate that leveraged trades are most dense around these price bands, indicating that traders have loads of exposure around these price points.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="608" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-4-1-1024x608.png" alt="Source: Coinglass" class="wp-image-810083" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-4-1-1024x608.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-4-1-300x178.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-4-1-768x456.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-4-1-150x89.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-4-1-696x413.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-4-1-1068x634.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-4-1.png 1522w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>
<p>Leveraged positions close to these levels are exposed to price fluctuations; these price levels can create a sharp movement if large volumes are forced to close.</p>
<p>These heat zones serve as focal points where traders may adjust their positions and prevent forced liquidation, thereby creating critical support or resistance dynamics around $165 and $160.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/04/solana-whale-offloads-265k-sol-amid-market-downturn/" rel="noopener noreferrer nofollow">Solana Whale Offloads 265K SOL Amid Market Downturn</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Solana Whale Offloads 265K SOL Amid Market Downturn

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