Solana (SOL) Shines 40% Toward $60 As Whales Make Big Moves

Christian Encila

1 year ago

3 mins read

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Undoubtedly establishing itself as a standout performer in the expansive altcoin market, Solana has achieved exceptional growth over the course of the past year, marking an impressive surge of nearly 300%.

This remarkable ascent underscores Solana’s resilience and appeal within the cryptocurrency landscape. The cryptocurrency has not merely kept pace but has outpaced many of its counterparts, solidifying its status as a noteworthy investment choice.

Presently exchanging hands at approximately $58, Solana exhibits an impressive display of relentless upward momentum, notably experiencing a noteworthy 40% surge in value within the last seven days alone.

Source: Coingecko

This surge not only reflects the cryptocurrency’s immediate strength but also contributes to its status as a formidable player in the digital asset arena.

Solana Price Gets Boost From Whales

As of the current moment, Solana proudly holds the prestigious position as the 7th largest cryptocurrency, fortified by a substantial market capitalization that has exceeded the impressive milestone of $24 billion.

🚨 325,222 #SOL (18,666,993 USD) transferred from unknown wallet to #Binance https://t.co/ECEpdMJM72

— Whale Alert (@whale_alert) November 11, 2023

Whale Alert revealed two significant Solana trades on November 12th, each worth more than $30 million. Transferring 325,222 SOL—worth more than $18.6 million—to the Binance exchange was the initial transaction.

Solana whales have been engaging in a higher volume of huge transactions lately, transferring a considerable portion of the tokens to exchanges. Given this recent behavior, is it feasible that SOL’s gains would gradually decline?

Taking long positions, traders are now witnessing a notable shift in behavior due to Solana’s highest positive funding rate of the year, reaching 0.07% on November 12.

SOL market cap reached $24.2 billion today. Chart: TradingView.com

This optimistic outlook reflects their confidence in the continued upward movement of the price.

Meanwhile, the surge in Open Interest (OI) signifies a capital influx into Solana, with traders actively opening new positions.

Coinglass’ data reveals that Solana’s OI volume has been on a consistent upward trend since the beginning of November, reaching over $760 million at the time of writing.

Source: Coinglass

Notably, the last instance of SOL experiencing such a high OI volume was around May 2022. This historical context emphasizes the significance of the current surge in OI and its implications for Solana’s market dynamics.

The rate of SOL is near the resistance on the hourly chart, indicating that buyers have some degree of influence over sellers. By the end of the day, if nothing changes, the growth may go pas the $60 level.

According to the weekly chart analysis, the rate of SOL is poised to conclude within the positive zone. Currently, there is a lack of negative indicators.

In the event of the bar’s closure in proximity to the $60 range, it is plausible that an upward movement might ensue, potentially culminating in an examination of the $65 range in the near future.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Pixabay

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.