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Whale Deposits $37M SOL to Binance, Solana Loses Crucial Support
Solana (SOL) has been struggling lately, with a 38% value drop over the past year. The network’s Total Value Locked (TVL) has also dropped by around 45% since late-January. In recent news, a whale has deposited $37 million worth of SOL to Binance, which could further put pressure on the cryptocurrency.
As reported earlier, Solana is currently trading near the lower Bollinger Band at $116.93, indicating oversold conditions. However, this level may not be strong enough to support the price in the long term. The RSI has fallen to 34.38, suggesting weak momentum and a potential deeper correction if it falls further.
Furthermore, the MACD remains bearish, with its line below the signal line and negative histogram, indicating that the bearish trend is likely to persist. If the price breaks below $115 (psychological support level), SOL could tumble towards $110.
The Accumulation/Distribution index also suggests that while some buyers are stepping in, selling pressure still remains dominant, possibly due to whale transactions.
Source: https://www.coinspeaker.com/whale-deposits-37m-sol-to-binance-solana-loses-support/
