- At the time of writing, SOL is trading at $133.45, down 2.69% in the last 24 hours.
- If the price manages to fall below $130 level, then it will likely test $128 support level.
Recent on-chain data has shown a concerning pattern involving a whale investment in Solana (SOL). Some have speculated that the anonymous investor may have been involved in a dump. After being caught unstaking and withdrawing a significant amount of SOL. In a post on X, the on-chain data analytics tool Lookonchain revealed the latest Solana whale behavior.
The statistics indicate that on Wednesday, the whale or big institutional investor unstaked and withdrew 139,532 SOL, which is worth around $19.5 million. At a loss of $5.5 million, the whale later sent 139,447 SOL, which was valued around $19.5 million, to the Binance crypto exchange.
Bearish Momentum Dominating
The situation is already complicated, and the whale migration is adding fuel to the fire. Since it occurs at the same time as SOL’s recent downturn. There were ups and downs in the Solana price in August. After reaching a high of $171 on July 31, SOL began the month trading around the $150 level and then even recovering to $160 level. But SOL swiftly lost most of its gains by August’s conclusion, and declined under the $135 range.
At the time of writing, SOL is trading at $133.45, down 2.69% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 10.02%. The price recently found support at $130 level.
If the price manages to fall below $130 level, then it will likely test $128 support level. Further decline will likely result in price testing $117 support level. Conversely, if the price manages to break above $136 level, then the price will likely climb further to test $139 resistance level.
