Whale Activity Impacts Solana Price with A $4M Purchase

• Solana (SOL) has shown resilience, maintaining support above $120 and surging above 5.16%.
• Whale activity, including significant withdrawals and purchases, has impacted SOL’s price.

Solana has maintained a steady bullish trend over the past day, with the moving average at $130.82, below its current trading value of $133.84. The RSI is near neutral at 45.42, indicating a stable momentum.

Recent whale activity has notably influenced Solana’s price in the last 24 hours. A whale purchased over 34,800 SOL, valued at $4M, from Binance, around 16 hours ago. Since February, this whale has withdrawn 206,951 SOL worth $29.3M from major exchanges like Binance and MEXC. The whale bought Solana at an average price of $142 and has staked 115,135 SOL.

SOL 24H Price Chart (Source : TradingView)

Recently, Solana (SOL) dropped to $121 but held around the $120-$125 support range. Despite recent market turbulence and a broader pullback, Solana showed strong network metrics with 397M weekly transactions and 12.78M active addresses.

Solana’s token, SOL, experienced a significant 12% drop on September 4 due to a major sell-off by Pump.fun, which sold $41.64 million worth of SOL. The last sale, on September 3, was for $1.38M at $134.46 per coin.

SOL followed BTC’s downward trend, moving from $141 to $124 before stabilizing at $134. Pump.fun’s impact on SOL’s price is uncertain, but the recent rebound suggests a temporary neutral condition amid bullish crypto sentiment.

(Source: Solscan)

SOL Shows Resilience Amid Whale Activity

Earlier, in July, as per Solscan, the same whale withdrew 17,485 SOL from Binance when the price was around $150, valuing at $2M. As per Lookonchain, it reveals the risks whales face during market fluctuations and their potential impact on token prices.

Solana (SOL) has experienced a notable price increase, currently trading at $134.66 with a 5.16% surge in the past 24 hours. Trading volume has spiked by 56.72%, indicating rising investor interest.

Trading volume reached $2 billion while the market cap surged over 4% reaching $62B. If the upward momentum continues, SOL could target $145 to $150 range. The indicators suggests a possible upward breakout if bulls maintain support.

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