Journalist
- SOL has dropped to $143.86 due to the large amount of exchange.
- A sell wall of $160 may trigger a new decline if SOL bounces.
A whale sent 179.999 messages on 25th April. Solana [SOL] Tokens are sent to Binance, a crypto-exchange. The price fell to $145, which had been held for a while.
Whale Alert is a blockchain transaction analyzer. The transfer was valued at $26.14 millions. AMBCrypto found that the transfer of these tokens is indicative of a sale.
Source: X
No solution yet despite rising optimism
The token’s value will decrease if the transaction is repeated. SOL was no stranger to selling pressure.
The price of SOL fell by 24.03% to $143.86 because many big holders had booked profits over the past 30 days.
If more exchanges are involved, then the price could fall further. A decrease in the number of transactions could stabilize the price and increase the chance for a rebound.
As of press time, SOL has The aggregate funding rate The metric was in the negative region as of 24th April. The metric for the 24th of April was negative, meaning that longs were paying fees to shorts.
The recent change to green suggests otherwise. The token’s price is likely to fall despite the positive movement of funding.
Santiment
Spot traders have been aggressively selling. Perp Buyers in disbelief. If funding goes up while SOL drops, then the token’s value could fall below $140 in the coming days.
A bounce from the lows could change things for the better. What do the signals say from a technical standpoint?
The bears will not be done
The Elder Force Index (EFI), according to the SOL/USD chart 4-hour, has dropped in the negative zone. A negative EFI reading indicates that the bears have taken control of that particular market. SOL may find it difficult to leave the state of selling pressure.
The chart data showed the Relative Strength Index was near the oversold area. SOL could fall along with the RSI if it reaches a reading of 30 or more.
If the indicator falls below this region, then the price may fall. The following are some examples of a successful return on investment. The Supertrend indicator, however, flashed an sell signal at around $162.
TradingView
If the native Solana token is pushed towards the area, the market may reject it, which could cause the price to drop. If the token closes above this level, it could help to revise its value back up to $175.
You can read more about it here Solana’s [SOL] Price Prediction 2023-2024
To achieve this, the token would need to be subjected to a significant level of purchasing pressure.
SOL could remain between $137.66 – $147.57 for the moment, unless there is a change in sentiment on the market.