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Solana's SOL: Whale Accumulation Amidst Bearish Market

Coin WorldTuesday, Jan 28, 2025 5:58 pm ET

1min read

Solana's Path to Recovery: Can SOL Overcome Current Challenges for Future Gains?

Amidst the ongoing market decline, Solana (SOL) has been gaining attention from crypto enthusiasts due to its recent price action on the daily time frame. On January 29, 2024, a significant transaction involving 220,308 SOL worth $52 million was reported by the blockchain-based transaction tracker Whale Alert. This substantial amount of SOL was transferred from the cryptocurrency exchange Bitfinex following the opening bell of the United States market, suggesting a potential accumulation by a crypto whale as the asset experiences a significant price decline.

Despite this potential accumulation, SOL's price has continued its downward trajectory, struggling near $227 with a 2.56% decline in the last 24 hours. According to on-chain data from Coinglass, the sentiment among traders remains strongly bearish, with a Long/Short ratio of 0.77. This indicates that 57% of top traders are holding short positions, compared to 43% with long positions. Furthermore, intraday traders also seem to be betting on the short side, as revealed by the on-chain analytics firm Coinglass.

The current market sentiment appears to be bearish, with short-sellers holding over $100 million worth of bets on short positions at $235. Meanwhile, bulls seem exhausted, holding only $40 million in long positions at the $215 level, which could be easily liquidated if the sentiment remains unchanged and prices continue to decline.

In a separate development, Cboe BZX Exchange Inc. has progressed towards launching multiple Solana exchange-traded funds (ETFs), with the filing of 19b-4 submissions for various Solana ETFs. This move signals a renewed interest in crypto investment vehicles as market conditions evolve. The potential issuer noted that "all of them were pulled at the request of the SEC," reflecting the ongoing regulatory scrutiny that these financial products face. New Solana exchange-traded funds are set to reshape the crypto market landscape, with hopeful expectations for SEC approval in 2025 amid changing regulatory appetites.

The Cboe BZX Exchange's recent 19b-4 filings signal a pivotal moment in the realm of cryptocurrency investments. By

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