Solana (SOL) is fighting to survive in a visibly tense market. The market decline has prevented SOL from breaking its psychologically important level of $160. At the time of writing, data of CoinMarketCap sets the price of Solana at $155.53.
Solana (SOL) is fighting to survive in a visibly tense market. The market decline has prevented SOL from breaking its psychologically important level of $160. At the time of writing, data of CoinMarketCap sets the price of Solana at $155.53.
Solana Whale FUD Doesn’t Go Away
Solana has long been associated with whales moving large amounts of SOL on and off exchanges. In particular, investors and retail traders do not know when the next major dumping will occur. Overall, this has kept Solana on edge, as HODLers don’t want to get caught up in the mix.
According to recent data from cryptoanalysis provider Whale Alert, an unknown Solana whale moved 260,931 SOL worth approximately $40,502,770 from an unknown wallet to the Kraken Exchange. This type of whale movement is usually indicative of a sell-off.
While it is still unknown if this whale is planning a sell-off, the current market sentiment is bearish and could weaken investors’ resolve to continue betting on SOL. This unstable sentiment is being reflected in the price of the currency.
From a year-to-date (YTD) high of $209.7, Solana has retreated to its current level after falling as low as $119 earlier this month.
Defeat the bears
Solana is on the watch list of many traders, and the momentum for growth may not come if the bearish whale trading momentum does not calm down in the near term.
Solana is now free from the influence of the implosion of the FTX Derivatives Exchange. Since the trading platform holds a large amount of Solana, its successive auctions have alleviated concerns about long-term price instability.
Solana also launched a major upgrade to the mainnet to combat the negative impact of network congestion. In total, Solana is in a position to take advantage of the more than 590% increase it recorded last year.
