Ethereum

Solana

U.S. regulators’ approval of a <a href="https://news.todayq.com/americans-can-now-trade-ether-etfs-alongside-bitcoin-etfs/" rel="noopener noreferrer nofollow">spot Ethereum Exchange-Traded Fund</a> (ETF) has triggered a widespread sell-off, with institutions quickly offloading their tokens. This recent market turbulence has significantly impacted Solana (SOL), the fifth-largest cryptocurrency by market capitalization. Whales move $57 million of SOL&nbsp; 
In the last 24 hours, a notable amount of SOL nearly $57 million has been moved to Binance, a leading centralized exchange (CEX). This massive transfer was executed in two separate transactions: the first involved a transfer of $33 million worth of SOL, while the second saw $35.16 million worth ofSOL move to the exchange. 
This sudden influx of SOL on Binance comes amid a broader market decline following the ETF approval, highlighting a shift in investor sentiment. Currently, SOL is testing a critical resistance level of $185, a key point where the price has struggled to break through.&nbsp; Technical analysis of Solana&nbsp; 
Technical analysis indicates that while SOL may have bullish prospects over a longer time frame, it is exhibiting bearish patterns in the short term. Specifically, SOL is forming a “double-top” pattern—a technical indicator that often precedes a price drop.
The Relative Strength Index (RSI), which measures the speed and change of price movements, is currently in the overbought zone. This suggests that SOL’s price may be due for a correction soon. Additionally, the open interest (OI) in SOL has decreased by 1.65% in the past 24 hours, reflecting a reduction in market interest and potentially signaling bearish sentiment among traders.
Historical data and chart patterns indicate that SOL could potentially fall to around $160. If this decline materializes, it could lead to the liquidation of approximately $92 million in long positions, according to CoinGlass data. This would further amplify the bearish trend and could impact market sentiment more broadly.
At present, SOL is trading near $176.60, marking a 1.2% decline over the past 24 hours. The cryptocurrency reached an intraday high of $182 but has since faced downward pressure. Despite this recent dip, SOL has experienced a notable 16% price surge over the past week, illustrating the cryptocurrency’s inherent volatility.
As the market adjusts to the fallout from the ETF approval and investor behavior shifts, the future performance of SOL will be closely monitored. The ongoing developments underscore the unpredictable nature of the cryptocurrency market and the importance of staying informed about market trends.

Whales move $57M of Solana (SOL) to CEX amid ETF approval

Todayq News

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