1,388,655 Solana Suddenly Moves On-chain, What’s Happening?

Solana (SOL) is witnessing increased activity. In two separate transactions, Solana whales moved 1,388,655 SOL on-chain. Whale Alert, a platform tracking such large transactions in the market space, spotted transfers between unknown wallets.

Solana investors watch for follow-up whale moves

According to Whale Alert, the total value of both transfers is $235,449,867. The huge transfers caught the attention of the tracking platform, as they could have several implications for Solana’s price outlook.

Notably, when large holders move their assets, it could signal their intention to sell, redistribute or secure them. As for the current movement, it is worth noting that it was not sent to an exchange, so the holder might have been in a redistribution mood.

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However, it does not prevent the whale from proceeding to send to an exchange afterwards. In the meantime, no action has been taken.

Over the past seven days on the crypto market, Solana has continued to stagnate between $160 and $175. The token has been unable to find stability above the $175 level to support an attempt to hit $180.

As of press time, Solana’s price was changing hands at $171.84, representing a 3.27% increase in the last 24 hours. However, the ecosystem is witnessing a slight pullback from investors, as trading volume has slipped by 5.77% to $3.59 billion within the same time frame.   

SOL technical indicators point to imminent test

Amid these developments, sentiment remains bullish for Solana to make a surprise comeback and surge toward the price of $200. The optimism rests on broader market indicators like the ongoing rally of Bitcoin, the leading digital currency.

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Additionally, Solana’s short-term exponential moving averages, such as the 26-day EMA, suggest a possible bullish setup for the coin.

However, Solana faces a crucial price test in its upward momentum as its 200-day Simple Moving Average highlights a major resistance at $181.