Market sentiment means that Solana’s (SOL) worth might crash to the $80 stage. On August 31, 2024, the on-chain analytic agency Lookonchain made a submit on X (beforehand Twitter) that Crypto Whale or Establishment dumped a big 139,532 SOL value $19.5 million to Binance at a lack of $5.5 million.
Solana Whale Promote-off 140K SOL
In line with a submit on X, the whale pockets handle “FkVrB” initially unstaked 139,532 SOL value $19.5 million and later deposited it to Binance two days in the past. The information reveals that the pockets handle “FkVrB” bought this important SOL when it was buying and selling on the $180 stage in July 2024, doubtlessly in anticipation of a spot Solana Trade Traded Fund (ETF) in the USA.
Since then SOL has by no means revisited the $180 stage and at present, it appears to be like bearish.
Solana Worth Prediction
In line with skilled technical evaluation, Solana (SOL) is at present at an important help stage of $127. Moreover, it’s buying and selling under the 200 Exponential Transferring Common (EMA) on a each day time-frame, indicating a downtrend.
Primarily based on the historic worth momentum, every time SOL reaches the help stage of $127, it tends to see a large upside rally. This time, there’s a excessive likelihood it may soar by 40% to the $180 stage.
Nonetheless, if SOL fails to carry this help stage and closes a each day candle under the $120 stage, there’s a excessive risk that SOL may fall to the following help stage at $80.
SOL’s Bearish On-chain Metrics
At this time’s CoinGlass SOL OI-weighted funding charge alerts that short-sellers are extremely dominating and liquidating the lengthy positions. At the moment, SOL’s OI-weighted funding charge stands at -0.0034%, indicating bearish sentiment and a worth decline within the coming days.
As of now, the key liquidation ranges are close to $133.3 on the decrease facet and $139 on the higher facet, indicating merchants are over-leveraged at these ranges, in accordance with CoinGlass information.
If the sentiment stays bearish and SOL’s worth falls to the $133.3 stage, practically $60 million value of lengthy positions shall be liquidated. Conversely, if sentiment shifts and the value rises to the $139 stage, roughly $21.5 million value of brief positions shall be liquidated.
Solana Worth Evaluation
At press time, SOL is buying and selling close to $135 and has skilled a modest worth surge of over 1% within the final 24 hours. In the meantime, its open curiosity has declined by 2% throughout the identical interval, indicating decrease curiosity from merchants amid the market downturn.
