news 
Solana Whales Move 71K SOL to Binance – Will $103 Support Finally Give Way?
A recent transaction has sparked fresh concerns about a potential correction in the Solana market, as one whale moves a staggering 71,448 SOL (worth approximately $8.54 million) from staking contracts to Binance. This significant move comes amidst growing uncertainty surrounding the cryptocurrency’s short-term trajectory.
As of press time, Solana is trading at $107.32, down by 1.08% over the past 24 hours. The whale transaction has contributed to a broader sell-off in the market, with more than 149,000 SOL (valued at around $15 million) offloaded by other major holders within the same time frame.
The whales’ decision to offload their assets between $102 and $108 has reignited concerns about potential short-term correction. However, it is essential for traders to consider that this movement may not necessarily indicate a wholesale exit from Solana but rather a strategic reshuffle of existing holdings.
From a technical standpoint, the cryptocurrency’s recent price action has seen SOL rebounding from a critical support level around $103. This bounce is supported by both its RSI nearing oversold levels and a potential MACD crossover. While this could provide an opportunity for bulls to re-enter the market, traders should exercise caution due to prevailing sentiment, whale activity, and social engagement still leaning bearish.
In conclusion, while there are signs of a short-term rebound in Solana’s price action, the risk remains elevated until such time as the cryptocurrency is able to confirm a move above key resistance levels.
Source: https://ambcrypto.com/solana-whales-move-71k-sol-to-binance-will-103-support-finally-give-way/
