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Whale Wallets Accumulate Top Meme Coins as Solana Battles $196 Support Level
As the cryptocurrency market continues to navigate a sea of uncertainty, whale wallets have been observed accumulating top meme coins on the Solana blockchain. Despite an already bearish sentiment surrounding Solana’s price, these strategic moves may signal renewed interest in the ecosystem.
A significant purchase of $18.57 million worth of meme coins was reported by Spot On Chain, with wallet “DWhUa” allegedly acquiring a substantial amount of $WIF, $POPCAT, $FWOG, and $michi within an impressively short 14 hours. The tokens were then transferred to a new wallet, “D2Noa,” hinting at a deliberate effort to accumulate these assets amid Solana’s declining momentum.
The whales’ aggressive accumulation of meme coins is particularly noteworthy in the context of Solana’s current market dynamics. As the cryptocurrency’s price fell 1.72% to $198.76, it has been unable to break above its descending triangle pattern. A critical support zone, between $196 and $200, has been tested multiple times, emphasizing its importance for short-term buyers.
The consistent selling pressure and consecutive red candles have confirmed a bearish sentiment surrounding Solana. The brief attempt by the price to rise above its descending trendline ultimately ended in failure, causing it to retrace back towards this critical support zone. It is essential for traders to monitor the $196–$200 support level closely, as a breach could lead to further declines potentially targeting $160.
In contrast, Solana’s whales are not losing faith in these established meme coins. Despite an overall negative market sentiment and Solana’s bearish momentum, they continue to accumulate these tokens, signifying confidence in their long-term potential. The recent whale activity on Solana has sparked renewed attention towards the blockchain’s ecosystem, which may eventually translate into a more positive outlook.
It is crucial for investors to pay close attention to the $196–$200 support zone and consider the possibility of further declines if this level fails.
Source: cryptonewsland.com
