Solana

Resistance

<ul>
 <li>At the time of writing, SOL is trading at $148.92, down 3.86% in the last 24 hours.</li>
 <li>If the price goes below $143 level, then it will likely test $137 support level.</li>
</ul>
According to blockchain data tracker Whale Alert, <a href="https://thenewscrypto.com/india-demands-86-million-from-binance-for-gst-non-compliance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, a prominent cryptocurrency exchange, received a large transfer of Solana. A tweet from Whale Alert states that Binance received 154,912 SOL, with a value of $23,928,285. However, the wallet’s identity remains unidentified.
When they plan to sell or trade their assets, whales—large cryptocurrency holders—often transfer them to exchanges. Because it occurs at the same time as a decrease in the price of Solana, this large transfer has garnered notice.
Whale investors may be getting ready to cash out after <a href="https://thenewscrypto.com/solanas-surge-analyzing-sols-potential-for-a-200-milestone/" target="_blank" rel="noopener noreferrer nofollow">Solana’s</a> recent price increase, because the cryptocurrency has been doing very well recently. Despite the lack of clarity around the transfer’s reasons, investors will be keeping a careful eye on Solana’s price and any other substantial fund transfers.
<h3 class="wp-block-heading" id="h-bears-making-a-comeback">Bears Making a Comeback</h3>
The price of bitcoin was halted just below $63,000, but despite a quick pullback, it has successfully defended the $60,000 mark. Following eight consecutive days of declines, Solana recovered sharply from its August 5 low of $112.&nbsp;
The price of Solana surged on August 6 and 8, respectively, in response to the comeback, as buyers flooded the market. However, the bulls were forced to withdraw somewhat as the bounce encountered resistance near $163.
At the time of writing, SOL is trading at $148.92, down 3.86% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 20.25%. The price recently broke below short-term support level at $151.
If the price continues to fall and goes below $143 level, then it will likely decline further to test $137 support level. However, if the bulls make a comeback and drive the price above $157 level, then it will likely retest $163 resistance level.

Solana Faces Brief Correction as Price Finds Resistance Around $163 Mark

Table of Contents

TheNewsCrypto

Other articles published on Aug 11, 2024

Tornado Cash dev Alexey Pertsev seeks more funding for legal appeal

Tether Responds to $2.4 Billion Demand in Celsius's Lawsuit

Donald Trump Jr. Unveils Plans for Official Crypto Platform, Cautions Against Frauds

3 crypto to watch this week: Solana, Avalanche, XRP

4 years in, MicroStrategy’s Bitcoin gamble beats Warren Buffett’s warning

Analysts Predict MoonTaurus (MNTR) Will Outshine Pepe (PEPE) with 1400% Growth by 2024

Join our free newsletter for daily crypto updates!