Solana Price Prediction as Whale Transfers $372 Million – Is SOL About to Pump Hard?

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

June 15, 2024

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Major Solana (SOL) holders, known as whales, have recently orchestrated the transfer of over $500 million worth of SOL in six large transactions within 24 hours.

While 1.6 million SOL tokens (approximately $230 million) were moved to a Coinbase-linked wallet, potentially signalling an intent to sell, a significant majority – 80% – of the transactions involved transfers between unknown wallets, suggesting asset management rather than a mass sell-off.

Despite a recent decline in SOL’s price, the Solana network has seen a surge in activity, fueled by the ongoing meme coin frenzy. This increased activity suggests continued interest in SOL, despite the whale movements.

The ultimate impact of these transactions on SOL’s price remains unclear, as market sentiment remains divided between concerns about selling pressure and optimism about the network’s sustained activity.

Solana Price Prediction

Solana (SOL) is currently trading at $144.36, caught within a descending channel on the 4-hour chart. The immediate pivot point lies at $145.56, acting as the first line of resistance. If SOL can break above this level, it may encounter further resistance at $152.11 and then $157.66.

Conversely, the immediate support level rests at $139.72. A failure to hold this level could lead to a deeper decline towards $132.31 and subsequently $126.77.

The 50-day Exponential Moving Average (EMA) is currently at $151.77, acting as a significant resistance level. SOL’s price remains below this EMA, suggesting a bearish trend in the medium term.

The Relative Strength Index (RSI) is currently at 40, indicating that SOL is nearing oversold territory. This could potentially trigger a rebound, but the overall trend remains bearish due to the descending channel and the price being below the 50-day EMA.

Conclusion: Overall, Solana’s price prediction remains bearish below 145.50 and vice versa.

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Wiener AI (WAI), the new AI-powered meme coin with a playful sausage dog theme, is attracting serious investor interest.

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— WienerAI (@WienerDogAI) June 12, 2024

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Time to Act: The presale price of WAI is currently $0.000719, and it’s set to increase soon. Early investors could see significant gains if WAI achieves market leadership.

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