Solana (SOL) Surges Amid Whale Activity and Network Growth
1. Whale Activity Influences Solana’s Price Dynamics
Solana ( SOL ) recently experienced a 12% price drop following a significant sell-off by a whale, amounting to $60 million in SOL tokens. Despite this, SOL rebounded from the $155 support level and is currently trading at approximately $162.14, indicating resilience in the market.
2. Network Expansion: Monthly Active Addresses Reach New Heights
The Solana network has witnessed substantial growth , with monthly active addresses soaring to 138 million. This surge reflects increased user engagement and adoption, bolstering Solana’s position in the blockchain ecosystem.
3. Technical Analysis : Bullish Indicators Emerge Amid Market Fluctuations
Over the past 12 hours, Solana has exhibited bullish tendencies, trading around $162.14. Technical indicators , including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), suggest potential upward momentum. Support levels are identified at $155, with resistance near $167. A sustained move above resistance could signal further gains, while a drop below support may indicate a bearish trend. Investors are advised to monitor these levels closely, considering the broader market context and ongoing developments.
Read More: https://onthenode.com/cryptocurrency/solana-sol-surges-amid-whale-activity-and-network-growth
1. Whale Activity Influences Solana’s Price Dynamics
Solana ( SOL ) recently experienced a 12% price drop following a significant sell-off by a whale, amounting to $60 million in SOL tokens. Despite this, SOL rebounded from the $155 support level and is currently trading at approximately $162.14, indicating resilience in the market.
2. Network Expansion: Monthly Active Addresses Reach New Heights
The Solana network has witnessed substantial growth , with monthly active addresses soaring to 138 million. This surge reflects increased user engagement and adoption, bolstering Solana’s position in the blockchain ecosystem.
3. Technical Analysis : Bullish Indicators Emerge Amid Market Fluctuations
Over the past 12 hours, Solana has exhibited bullish tendencies, trading around $162.14. Technical indicators , including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), suggest potential upward momentum. Support levels are identified at $155, with resistance near $167. A sustained move above resistance could signal further gains, while a drop below support may indicate a bearish trend. Investors are advised to monitor these levels closely, considering the broader market context and ongoing developments.
Read More: https://onthenode.com/cryptocurrency/solana-sol-surges-amid-whale-activity-and-network-growth
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