Despite the fluctuations in the last 24 hours solana (SOL) managed to hold the crucial support level at $175. However, this volatility caused some large investors to lose confidence and sell their SOL coins.
$22 Million SOL Sale from Cryptocurrency Whale
On January 13, 2024, Whale Alert reported that a cryptocurrency whale had 122 thousand 620 units. LEFT announced that it transferred the coin to the Kraken exchange. The transaction represents sales of approximately $21.75 million. However, the wallet address that is the source of this high-amount transaction is unknown.
Following this sell-off, SOL price fell below the support level at $175 and fell to the $168 level. This price movement in the markets bear market detected as a signal. However, the price recovered from this support level and rose above the critical threshold of $175 again. This movement in price caused market participants to create positive expectations for SOL.
Technical Indicators Give Positive Signals for Solana
According to expert analysis, the $175 level is key for SOL. If the price remains above this support, it can be expected to reach the $220 level with an increase of approximately 22 percent.
If the price of SOL closes hourly above the current $193 level, it is possible to rise by 7 percent to $207. However, if the price falls below the $175 level, this bullish expectation may weaken.
The price chart on the daily time frame shows that SOL’s price is above the 200 EMA level, indicating an upward trend. In addition Relative Strength Index The (RSI) indicator is close to the oversold zone. This may be a harbinger of a price recovery that investors expect.
SOL is currently trading at around $188. The price has fallen by 2.5 percent in the last 24 hours. However, trading volume increased by 240 percent in the same time period, indicating increased interest from investors. The increase in trading volume indicates that SOL’s current price level is considered an attractive opportunity by investors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
