Solana (SOL) is struggling to survive in a market that is obviously tight. SOL has been prevented from breaching above its psychologically significant level of $160 by the market’s decline. As of this writing, Solana’s price is $155.53, according to CoinMarketCap data.
Solana whale FUD not going away
Whales have long been linked to Solana, where they transport substantial quantities of SOL into and out of exchanges. Notably, ordinary traders and investors are clueless about the timing of the next significant dumping event. Because HODLers don’t want to become entangled in the controversy, this has often kept Solana on edge.
Recent data from cryptocurrency monitoring company Whale Alert indicates that an unidentified Solana whale transferred 260,931 SOL, or around $40,502,770, from an unidentified wallet to Kraken Exchange. Whale movement of this kind frequently signals a sell-off.
https://x.com/whale_alert/status/1787831349501469175
Although it’s yet unclear if this whale is preparing a sell-off, the negative outlook in the market may make investors less inclined to continue wagering on SOL. The coin’s pricing is reflecting this uneasy mood.
Solana has retreated to its present level from a year-to-date (YTD) high of $209.7, having previously dropped as low as $119 earlier this month.
Defeating bears
Many traders have Solana on their watchlist, and if the negative whale transaction push does not abate in the near future, there may not be a push for growth.
The fall of the FTX Derivatives Exchange has already left Solana free. Since the trading platform has a sizable stack of Solana, worries about long-term price volatility have subsided as a result of its several auctions.
In addition, Solana has initiated a significant enhancement on the mainnet to counteract the adverse effects of network congestion. All things considered, Solana is poised to expand on the more than 590% increase it has had in the last 12 months.
