On-chain analytics platform Lookonchain shared that two whales deposited large amounts of SOL to Binance. In the last 24 hours alone, the price of SOL dropped over 10 percent to $59.11. Crypto analyst Danielle du Toit says SOL could dive to the bottom if investors manage to push the altcoin price below $56.95.
Whales unstake their SOLs and move them to the exchanges!
As you follow on Kriptokoin.com, Solana became one of the shining stars of the last run. However, it is losing altitude today. Meanwhile, on-chain analytics platform Lookonchain reported that two whales deposited large amounts of SOL into exchanges. First, a whale unstake 505,034 SOL worth $31.7 million. After this, he deposited 505,000 tokens to Binance. According to Lookonchain’s post, this whale has still staked approximately 2.9 million altcoins.
A whale unstaked 505,034 $SOL ($31.7M) today and transferred 505K $SOL ($31.7M) out, most of which was deposited to #Binance and #Kraken.
The whale still has 2.9M $SOL($184M) staked.https://t.co/pe5QVhXcYl pic.twitter.com/9jeCk6hGdd
— Lookonchain (@lookonchain) November 16, 2023
Just a few hours later, another whale unstake 2.16 million SOL worth $128 million. He later transferred 1.3 million tokens. Whale deposited 312,868 SOL of the unstake tokens to Binance. The altcoin he deposited was worth approximately $18.56 million. Lookonchain also revealed that the whale still holds 863,000 SOL in a wallet and 9.86 million SOL tokens staked.
Another whale"H4yiPh" unstaked 2.16M $SOL($128M) yesterday and transferred 1.3M $SOL($77M) out.
Of which 312,868 $SOL($18.56M) was deposited to #Binance and #Kraken.
The whale still holds 863K $SOL($51.5M) in wallet and 9.86M $SOL($584M) in staking.https://t.co/gKB6CQ2iyF pic.twitter.com/5Emsn83hhC
— Lookonchain (@lookonchain) November 17, 2023
SOL price prediction: It is possible for the altcoin price to dive deep!
One or both of these whales may have decided to lighten their pockets by selling some of their SOL holdings as the altcoin’s price dropped more than 10% in the past trading day. At the time of writing, the altcoin was trading at $59.11 after setting a low price of $56.81. The intraday volume of the token has also decreased by 3% since yesterday, falling to $3,957,467,644. Its latest stumble also caused SOL to weaken by 5.60% against Bitcoin (BTC).
Daily chart for SOL. Source: TradingViewSOL was rejected by the $68.85 resistance level in the last 48 hours. It also declined to the nearest support level at $56.95. At the time of writing, the altcoin was at risk of falling below this key support level. If traders manage to push the price of SOL below $56.95, it is possible for SOL to drop to the next mark at $47.60 in the next few days. This bearish thesis will be invalidated if SOL closes the next 2 daily candles above $56.95. After that, traders will start buying the altcoin to potentially increase its price to $68.85.
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