Solana whale acquires 60,000 Sol worth $11.23 million
The post Solana whale acquires 60,000 Sol worth $11.23 million appeared on BitcoinEthereumNews.com.
Key Takeaway Solana whale accumulated 60,000 SOL worth $11.23 million and jumped into the futures market. Solana successfully defended $175 and jumped to $190 before retracing to $187. Solana [SOL] bounced off its recent low of $175, reaching a local high of $190 before slightly retracing to $187 by press time. Before these gains, Solana had been on a downward trajectory, dropping by 9.25% on weekly charts. Amid this price fluctuation, large entities, especially whales, have returned to the market. Solana whale scoops up 60,000 SOL After taking a step back in the market as SOL retraced from $191 to $175, buyers returned over the past day. According to Coinalyze, Solana saw $3.4 million in Buy Volume compared to $3.2 million in Sell Volume, at press time, reflecting higher demand. Among these buyers was a new whale. Source: Coinalyze According to Onchain Lens, a newly created wallet bought 60,000 SOL worth approximately $11.23 million. Typically, when a whale enters the market, it signals conviction with the market and views the prevailing rate as cheap enough. Whale jumps into Futures Interestingly, AMBCrypto’s analysis of the Futures market suggests a whale recently accumulated SOL, positioning strategically ahead of the next move. According to CryptoQuant’s Futures Average Order Size data, Solana registered its first large whale order in seven days. Source: CryptoQuant Often, when whale orders emerge in the Futures market, they suggest that whales are taking either short or long positions. Meanwhile, Solana’s Long Short Ratio jumped to 3.38, at press time, with longs accounting for 77.19% of the total futures contracts. When longs dominate, it implies that participants are betting that prices will move higher. Source: Coinalyze In this case, we conclude that the whale entered the market and took a long position, reflecting bullishness. Profit takers pose a threat As expected,…
