The possibility of a decline puts Solana (SOL) at a tipping point, which is bad news for protocol HODLers. As of this writing, the currency is trading at $59.76, having decreased by 0.97% over the previous day. This downward spark may have an undertone of a sell-off and be related to whale action.
https://x.com/whale_alert/status/1730211445931978960?s=20
Whale Alert data indicates that the whale sent 2,042,130 SOL, or around $124,428,355, to the Binance exchange. These kind of movements are frequently linked to an impending sell-off, which is a subdued indication that feeds the bearish downtrend. SOL’s volume has currently decreased by 27% to $1,494,696,517, reflecting a generally pessimistic outlook in an otherwise turbulent market.
For the most of the month, Solana has continued to perform well. Even with the current price movement, it has increased by 3.68% over the last seven days, outpacing other altcoins in the top 20 ranked by market capitalization. Meanwhile, during the last month, Solana has had a spectacular 70% spike.
Because of the sell-off concern, there’s a good probability Solana will close November out strongly.
Solana fundamentals to negate bearish whale outlook
The Solana ecology is based on a number of contradictory foundations. Investors in the currency are particularly watching the most recent developments in FTX, since the court has authorised the sale of a substantial quantity of token liquidation.
Given this apparent downward tendency, Solana just expanded its reach in the European Union by listing alongside XRP on Crypto.com. Prominent experts, like as Raoul Pal, are likewise thrilled about Solana’s potential because he just resolved the dispute about Ethereum’s superiority over the protocol.
Pal dubbed Ethereum the Android and Solana the Apple of Web 3. As the month comes to a finish, the feedback and ecological patterns may have a significant impact on maintaining Solana’s good condition.
