A significant move in the Solana market has piqued attention. Two large transactions involving 1,388,655 SOL have been spotted by Whale Alert, an on-chain tracking platform. These transfers were made between unknown wallets and are worth a whopping $235 million. This activity is being closely watched by investors because whales moving assets can indicate plans to sell, redistribute, or secure their holdings. The move hasn’t yet involved sending the tokens to exchanges, which means the whales might be strategizing on how to use these tokens next.
While Solana has been relatively stagnant in the past week at $160-$175, a 3.27% increase in price was observed today, and trading volume has dipped by 5.77% to $3.59 billion. Solana is showing signs of bullish sentiment with technical indicators suggesting a potential surge towards $200. The ongoing rally of Bitcoin could be playing a significant role in the positive outlook.
However, Solana faces a crucial test as its 200-day Simple Moving Average is at $181. This level might act as a major resistance point to overcome before further price hikes.