Despite a prevailing downturn in the cryptocurrency sector, a newly established wallet has made headlines by acquiring $25 million worth of Solana (SOL). This significant transaction was reported on March 13, 2024, by Lookonchain, a blockchain analytics platform. The wallet withdrew 201,755 SOL from the Binance exchange, seizing the opportunity presented by the current market dip. Although SOL’s price has remained largely stable at around $120, it did see a slight uptick of 0.50% in the last 24 hours, despite a downturn in trading volume by 25% during the same timeframe.
Can Solana Maintain Its Support Levels?
Technical evaluations suggest that SOL has established robust support at the crucial $120 mark. Positive patterns emerging on daily charts indicate that the altcoin might be on the verge of a substantial increase. Should SOL maintain its position above $116, predictions indicate it could soar by approximately 45%, reaching as high as $180 soon.
Will Investors Continue to Favor Long Positions in SOL?
On-chain data from Coinglass reveals that SOL holders are currently favoring long positions, with concentrations noted between $123 and $128.3. Approximately $144 million worth of these positions have been established at these levels.
Current indicators suggest a strong potential for price recovery in SOL, highlighted by:
– A $25 million acquisition indicating investor confidence.
– Technical analysis showing strong support levels.
– Significant long positions held by investors despite negative market trends.
This combination of factors points to a possible resurgence in SOL’s value in the near term.
Market dynamics suggest that Solana may be preparing for an upward shift as confidence grows among investors. The outcome of this trend will significantly influence SOL’s trajectory in the coming days.
