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A Solana whale anonymous transferred $120 million in SOL to Coinbase Prime causing market reactions.
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A second whale withdraws $38.9 Million in SOL, indicating possible coordination with the transactions of the first whale.
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Solana’s price fell 9.82% over 24 hours. Trading below key moving averages, it indicates a strong bearish trend.
Anonymous Solana whales made recent significant moves, depositing $120 million in SOL worth to Coinbase Prime.
Solscan detected these large transactions on July 16th-17th. This has sparked speculations and concerns within the crypto community.
The whale with the address 9dZAPP…dnzAz3 deposited 1.035 million SOL into Coinbase Prime from Cogent Crypto, Block Logic and LunaNova.
A second whale, identified as CJvk3X…AwuzNX withdrew 349.600 SOL (approximately 38.9 million dollars) from the same validators. 251,000 SOL of this amount were transferred to Coinbase Prime. The remaining SOL was sent to an unidentified address.
These whale activities caused a stir on the Solana Market. The timing and behavior suggest that these two whales may be under the control of a single entity. This has caused traders and analysts to speculate and become more concerned.
Solana currently trades at $127.82 with a trading volume of $13,288,492,194. The market cap is $59,510.923. 517. Solana’s share price has fallen 9.82% over the last 24 hour, trading below the 20-day and the 200-day Exponential moving averages (EMAs). The formation of a death cross – where the 200-day EMA crosses the 20-day EMA – is a bearish sign, indicating that further price declines could be on the horizon.
Technical indicators paint an alarming picture. The technical indicators indicate that Solana has broken below the lower range, indicating oversold conditions. This could indicate a continued downward trend. The volume spike coincides with the price decline, confirming strong sales pressure.
Source: TradingView
The Moving Average Convergence and Divergence (MACD), settings are (12.26.9). The MACD line is falling and below the signal line, while the histogram shows a negative expansion and is expanding downward. All of these factors indicate a strong downward momentum.
The Relative Strength Index (RSI), which is currently at 31,05, is approaching oversold territory. The RSI is declining sharply in line with the price movement. It is not yet in an oversold state, which indicates that the price may continue to fall.
The bearish technical indicators and the large Solana deposits made by anonymous whales on Coinbase Prime have heightened concerns about the price of Solana in the short-term.
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