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Solana Whale Moves $20M Off Binance, Bullish Signal or Trap?
A recent transaction has sparked controversy in the crypto community as a whale wallet address “AA21…VxH9” moved 123,500 SOL worth $20.80 million from Binance. While this significant withdrawal may seem to be a bullish signal at first glance, it’s essential to dive deeper into the market dynamics and potential implications.
Firstly, Solana’s current price action appears bearish, with a high probability of staying within the range of $160 to $180 until it crosses the $190 mark. Moreover, the asset has fallen below its 200 Exponential Moving Average (EMA), indicating that it is in a downtrend. The breakdown of the crucial support level at $180 and failure to hold may have triggered this significant withdrawal by the whale.
Furthermore, despite this bearish outlook, on-chain analytics firm Coinglass reveals that traders are over-leveraged at the $162.8 level with long positions valued at $145 million. This development implies that those betting on Solana’s future price rise believe it won’t fall below this point and consider it a strong support level.
In conclusion, while the massive withdrawal by the whale may initially appear bullish, considering the bearish sentiment in the market and traders’ actions, it seems more likely that the whale is preparing for potential gains or simply taking advantage of the situation.
Source: coinpedia.org
