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A crypto whale had dumped 122,620 $SOL tokens worth $21.75 million onto the Kraken.
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Solana ($SOL) could soar by 22% to reach $220 if it maintains itself above the $175 mark.
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Solana’s RSI is near the oversold area, signaling a potential price recovery.
Despite significant price fluctuations in the past 24 hours, Solana ($SOL) has maintained its crucial support at $175. However, this volatility has led some whales to lose confidence and dump their holdings, impacting the market today.
Crypto Whale Dump $22 Million of $SOL
On January 13, 2024, Whale Alert, a blockchain-based transaction tracker, posted on X (formerly Twitter) that a crypto whale had dumped 122,620 $SOL tokens worth $21.75 million onto the Kraken cryptocurrency exchange. However, the wallet address remains unknown.
🚨 122,620 #$SOL (21,748,048 USD) transferred from unknown wallet to #Krakenhttps://t.co/HIUF9pQDDf
— Whale Alert (@whale_alert) January 13, 2025
This notable dump was witnessed in the market when $SOL fell below its crucial support level of $175 and approached the $168 level. This initially shifted market sentiment and indicated that $SOL had broken down from its crucial support level, signaling bearish price action. However, as sentiment cooled down, $SOL rebounded above the support level and appears to be recovering.
Solana ($SOL) Price Action and Key Level
According to expert technical analysis, the key level for $SOL in the upcoming days is $175. $SOL remains bullish as long as it holds this support level. If it sustains this level, there is a strong possibility that it could soar by 22% to reach $220 in the future.
Currently, the altcoin has returned to its consolidation zone, where it has remained for the last four trading days. For intraday traders, if $SOL closes an hourly candle above the $193 mark, there is a strong possibility that it could witness a price surge of over 7% to reach the $207 mark.
However, Solana’s bullish thesis will only hold if $SOL maintains itself above the $175 level, otherwise, it may fail.
Bullish Signal From Technical Analysis
On the positive side, despite this price decline, $SOL has held itself above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend.
Additionally, $SOL’s Relative Strength Index (RSI) is near the oversold area, signaling a potential price recovery that traders and investors are anticipating.
Current Price Momentum
Currently, $SOL is trading near $183.3 and has experienced a price decline of over 2.50% in the past 24 hours. However, during the same period, its trading volume surged by 240%, indicating heightened participation from traders and investors, potentially driven by $SOL’s current discounted price.