Solana (SOL), currently the fifth-largest cryptocurrency by market capitalization, is experiencing a period of heightened turbulence due to substantial whale transactions. Recent activity on June 14, 2024, has drawn the crypto community’s attention, as reported by Whale Alert. Investors and analysts alike are keeping a close eye on the market as over $372 million worth of Solana was transferred in a couple of notable transactions, emphasizing the increased volatility within the crypto ecosystem.
Whale Alert highlighted the first major transaction, where 1,000,000 SOL valued at approximately $147.85 million were moved between undisclosed wallets. The second significant transfer involved an even larger sum of 1,519,488 SOL, which at the current rates amounts to around $224.64 million. Such large movements between unknown parties have raised concerns amongst the investment community.
As of June 15, 2024, SOL’s price has dipped to $144.26, representing a 2.64% decrease over the past 24 hours. This current price action reflects a more concerning downtrend of over 10% from the previous week. This decline is illustrative of the broader bearish sentiment that seems to be gripping the crypto markets at present.
Leading crypto analyst Morecryptoonl has examined these patterns and suggests that Solana may face further decline. By applying Elliott Wave Theory to the recent price movements, the analyst has identified potential future resistance and support levels. Morecryptoonl indicates an immediate price target of $133 for SOL, aligning with the 1.618 Fibonacci extension level, giving weight to a bearish outlook with potential downside risks.
Another prominent figure in the crypto analytical space, Ali, has also weighed in, identifying a pivotal support level at $141 for SOL on the daily charts. Using the TD Sequential tool, Ali noted a ‘9’ count, which could signify a forthcoming trend reversal should SOL manage to maintain the $141 support level.
This $141 support is particularly critical for Solana’s short-term movement. If the cryptocurrency can successfully hold above it, there could be a temporary reversal or at least a pause in the prevailing downtrend. Such a scenario might bring a glimmer of hope to investors during these uncertain times.
Investors are now bracing for crucial days ahead for Solana. Signs of stability could offer reassurance, while a further decline might reinforce the bearish trend that has been witnessed. In the meantime, market participants are advised to monitor these whale transactions and potential technical supports closely, as they could foreshadow Solana’s trajectory in the near term.
