Is Solana a Good Investment Right Now? Here’s What the Whales Are Doing

The post Is Solana a Good Investment Right Now? Here’s What the Whales Are Doing appeared first on Coinpedia Fintech News

Amid the heightened cryptocurrency volatility caused by Bitcoin (BTC) price teasing below a crucial support level around $92k, Solana (SOL) price has continued to bleed. The large-cap altcoin, with a fully diluted valuation of about $112 billion and a 24-hour average traded volume of around $4.6 billion, has lost more than 12 percent in the last four days to trade about $191 on Friday, January 10, during the mid-European session.

As a result, nearly $20 million was liquidated from Solana’s leveraged market, mostly involving long traders. Additionally, Solana’s Futures Open Interest (OI) dropped around 2 percent in the last 24 hours to hover about $5.79 billion at the time of this writing.

Solana Whale Panic Sells

On-data analysis shows that a major Solana whale has been unstaking and depositing the coins to Binance in the recent past. In the past 24 hours, the specific Solana whale unstaked 245,921 SOLs and deposited 246,064 SOL to the Binance exchange, potentially taking profit after an impressive rally in 2024.

The Solana network is heavily dominated by investors seeking to earn passively through its staking program. According to data from Solanacompass, there are around 1,238,071 active stakers on the Solana network with a total of 393,252,393 SOL staked, worth about $75 billion.

Midterm Expectations for SOL Price

After an impressive bullish breakout from last year’s consolidation in November following the triumphant victory of Donald Trump, Solana price, in the daily time frame, has been retesting the support trend line. From a technical analysis standpoint, Solana’s price is approaching the crucial support level of around $180, which must hold in the coming days to avoid a selloff to the support range between $120 and $150.