The post Nearly 100M Solana Moves To Binance- Should You Worry About the SOL Price Rally? appeared first on Coinpedia Fintech News
Bitcoin price is rising and close to testing the barrier at $88,500, while the altcoins are not moving as they remain stuck below their respective resistance. However, the Solana price, which has been trying hard to sustain above the resistance at $140, seems to be preparing for a 50% upswing, but only when the SOL price satisfies some conditions.
In a recent update, Solana has surpassed Ethereum in staking market capitalization, which is seen as a significant step in growing adoption. The rise in its dominance compared to other popular chains like Ethereum depicts the rising popularity of the altcoin. On the other hand, a Solana whale unstaked a huge amount of SOL tokens in the past few hours, which is expected to increase the volatility of the token.
As per the data from Lookonchain, nearly 100K SOL tokens have been unstaked in the past few hours and deposited into Binance. The whale has held these tokens for the past 4 years at the base price of $27. Moreover, the whale still holds over a million SOL tokens, while his total profits amount to over $153 million. This may flash a bearish signal, but only for a short time frame, as the fear of substantial selling may hinder the SOL price rally.
What’s Next for the Solana (SOL) Price Rally?
The SOL price has broken the descending trend line that it had held since the start of the year, hinting towards a rise in the bullish dominance. Meanwhile, the price has been failing to break through the resistance zone between $146.5 and $150 since the March drop, which had raised concerns. However, the bulls are on another attempt to rise above the range, but the drop in the money flow suggests the SOL price breakout could be delayed for a while.
The historical chart of the SOL price suggests the token is trading under a bullish influence, and the latest rebound substantiates the claim. The rise in the buyer’s activity has slashed the selling pressure in the long term, as suggested by the MACD, which is heading for a bullish crossover. However, the CMF, the money flow indicator, has dropped below 0, while the attempt at a recovery seems to be nullified. This suggests that the token is still in the distribution phase, and hence a breakout can occur once the CMF rises back above 0, indicating the beginning of the accumulation phase.
Although the Solana price seems to be poised to maintain a strong ascending trend, the token is required to surpass the immediate resistance zone around $148 to $150. This could attract fresh liquidity onto the platform, which may help the SOL price to reach $200.
