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Title: Is Solana a Good Investment Right Now? Here’s What the Whales Are Doing
The cryptocurrency market has been volatile in recent times, with prices swinging wildly as investors react to news and events. In this article, we will take a closer look at Solana (SOL) and what the whales are doing.
Solana’s price has taken a hit in the last four days, losing over 12% to trade around $191 on January 10. This significant drop has led to nearly $20 million being liquidated from Solana’s leveraged market, primarily involving long traders. Furthermore, Solana’s Futures Open Interest (OI) has dropped by roughly 2 percent in the last 24 hours to hover around $5.79 billion at the time of this writing.
One notable observation is that a major Solana whale has been unstaking and depositing coins to Binance in recent times. Over the past 24 hours, this particular whale unstaked 245,921 SOLs and deposited 246,064 SOL to Binance, potentially taking profit after an impressive rally in 2024.
It’s essential to understand that the Solana network is heavily dominated by investors seeking to earn passively through its staking program. According to data from Solanacompass, there are approximately 1,238,071 active stakers on the Solana network with a total of 393,252,393 SOL staked, worth roughly $75 billion.
Mid-term Expectations for SOL Price
To sum up, if #Solana price doesn’t hold above $180 in the coming days, it may be possible to see a selloff to the support range between $120 and $150.
Source: coinpedia.org
