Solana (SOL) has demonstrated resilience, maintaining support above $120 and experiencing a 5.16% price surge. Whale activity, including significant withdrawals and purchases, has influenced SOL’s price movements. Over the past day, Solana has sustained a bullish trend, with the moving average at $130.82, slightly below the current trading price of $133.84. The RSI, at 45.42, reflects stable momentum.
In the last 24 hours, whale activity has had a notable effect on Solana’s price. A whale bought over 34,800 SOL, valued at $4 million, from Binance about 16 hours ago. Since February, this whale has withdrawn 206,951 SOL, worth $29.3 million, from exchanges like Binance and MEXC, purchasing at an average price of $142 and staking 115,135 SOL.
Recently, Solana dipped to $121 but remained within the $120-$125 support range. Despite recent market volatility and a broader market pullback, Solana’s network metrics stayed strong, with 397 million weekly transactions and 12.78 million active addresses.
On September 4, SOL dropped by 12% following a significant $41.64 million sell-off by Pump.fun, with its last sale being $1.38 million at $134.46 per coin. SOL mirrored Bitcoin’s decline, falling from $141 to $124 before stabilizing at $134. The effect of Pump.fun’s sale on SOL’s price remains unclear, though the recent recovery suggests a neutral position within a bullish market sentiment.
Back in July, a whale withdrew 17,485 SOL from Binance at a price of around $150, valued at $2 million. This highlights the risks whales face amid market fluctuations and their potential impact on token prices.
Currently, Solana’s price has risen to $134.66, marking a 5.16% increase over the last 24 hours. Trading volume has surged by 56.72%, signaling growing investor interest. With trading volume reaching $2 billion and the market cap surpassing $62 billion, SOL may target the $145-$150 range if bullish momentum holds, potentially leading to an upward breakout.
