Whale Unstakes 120,197 SOL, Sparking Market Concerns
1min read A significant move by a crypto whale has sparked discussions about its potential impact on Solana's [SOL] prices. On May 6, a whale unstaked 120,197 sol, valued at approximately $17.55 million, and transferred the funds to Binance. This action, following a period of six months during which the SOL was locked, has raised concerns about potential selling pressure on the market.
The whale's decision to unstake such a large amount of SOL, despite earning a reward of 3,802 SOL, resulted in a loss of $7.8 million. The transfer to Binance, a major cryptocurrency exchange, has been interpreted by many as a bearish signal, suggesting an intent to sell. This could introduce short-term selling pressure, potentially slowing SOL’s upward movement.
Despite the whale's move, Solana has managed to hold above its key support level of $143.5, thanks in part to a quick 3% surge in Bitcoin's price. At the time of writing, SOL was trading around $147.50, up 2.75% after hitting an intraday high of $149.50. The quick rebound in SOL's price has attracted attention, with market sentiment and volatility playing a significant role in the recent price action.
Technical analysis indicates that SOL has been consolidating in a tight range between $143.5 and $154 over the past two weeks. This sideways price action post-breakout is typically seen as bullish, signaling strength as the asset cools off before its next move. If SOL breaks above $154, a 15% rally could follow, pushing the price toward the $180 mark. However, a drop below $143.5 might trigger a fall to $132 in the short term.
Considering the recent volatility in SOL's price, a prominent crypto expert noted that $120 is the strongest historical support for SOL. This zone has repeatedly triggered price reversals during market downturns, offering a key "buy-the-dip" opportunity if prices turn south again.
Ask Aime: "Will the crypto whale's move affect Solana's prices?"
