Date: Tue, Sept 10, 2024, 07:01 AM GMT
The cryptocurrency market is showing bullish momentum as Bitcoin (BTC) pushes towards the $60K mark. With this momentum, many altcoins, including Solana (SOL), have begun to rise. Over the past 24 hours, SOL has surged by 4.66%, reflecting strong market interest.
A look at the charts reveals that SOL has successfully held onto a key support level since April. After pulling back from the $124 mark, SOL has shown impressive upward momentum, now trading at $134.07. Adding fuel to this rally, Lookonchain reported that a whale purchased 34,807 SOL tokens (worth approximately $4.52 million) just 12 hours ago.
A whale bought 34,807 $SOL($4.52M) again 12 hours ago!
— Lookonchain (@lookonchain) September 10, 2024
Since Feb 7, this whale has withdrawn 206,951 $SOL($29.3M) from #Binance and #MEXC at an average price of $142 and staked 115,135 $SOL($15.3M).https://t.co/rnrXRXmNkB pic.twitter.com/Ce6DqyVvvQ
This isn’t the first time this whale has made a significant move. Since February 7, they’ve withdrawn 206,951 SOL (around $29.3 million) from exchanges like Binance and MEXC at an average price of $142 and have staked 115,135 SOL (worth $15.3 million).
What’s Next?
The current bullish momentum and large-scale buying by whales suggest that Solana (SOL) could be gearing up for an even bigger rally. The Relative Strength Index (RSI) currently stands at 43.83, while the RSI-Based Moving Average (MA) is at 37.48, indicating that there might still be room for growth.
Key resistance levels to watch for Solana are $138 and $160. However, it’s crucial to monitor Bitcoin’s performance, as any major moves in BTC could influence SOL’s trajectory.
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