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- SOL trading volume increased by 20%, indicating greater participation from traders.
- SOL’s open interest ratio has also increased by 4% over the past 24 hours, indicating growing interest from investors.
In the highly volatile cryptocurrency market, two whales have bought and deposited a large amount of Solana [SOL] from Binance [BNB].
On August 22, the on-chain analytics company announced Look on Chain A user of the X platform (formerly Twitter) posted that two whale addresses, “9tuA8L” and “7CsCGy,” had withdrawn over 56,245 SOL worth $8 million from Binance.
The first withdrew 30,000 Syrian pounds, while the second withdrew 26,245 Syrian pounds.
With these recent pullbacks, it appears that whales have found the perfect buying opportunity in SOL amidst bearish market sentiment.
Moreover, this major withdrawal comes at a time when the Federal Open Market Committee has indicated a possible interest rate cut in September 2024.
Solana price performance and upcoming levels
Despite the whales’ interest, SOL is trading at around $143 at the time of writing, having seen a 0.75% price increase in the past 24 hours.
Its trading volume increased by 20% during the same period, indicating greater participation from traders.
According to AMBCrypto analysis, SOL remained in an uptrend at the time of publishing this report, as it remained above the 200 exponential moving average (EMA) on the daily time frame.
However, over the past few days, SOL price has been consolidating within a tight range. Based on the price action, breaking out of this consolidation will be crucial in determining the next move for the altcoin.
Source: TradingView
If the price breaks the uptrend, there is a strong possibility that SOL price will reach $180. On the other hand, if the altcoin price collapses after the consolidation, there is a possibility that it will drop to $128.
Main filter levels
At the time of publishing, SOL’s open interest is up 4% in the last 24 hours, indicating growing interest from investors and traders, according to data from on-chain analytics firm Coinglass.
So far, the key liquidation levels have been near $136 on the downside and $145 on the upside, according to Coinglass data. According to the data, these levels are highly leveraged.
Source: CoinGlass
If the mood turns bearish and the stock price drops to $136, approximately $136.6 million worth of long positions will be liquidated.
Conversely, if investor interest increases and the price rises to $145, approximately $47.28 million of short positions will be liquidated.
Reads Solana [SOL] Price prediction 2024-2025
This liquidation data indicates that at the time of writing, market sentiment towards Solana was bullish, with fewer short positions than long positions.
Meanwhile, the cryptocurrency market as a whole rose by 2.3%. Among the major assets such as Bitcoin [BTC], Ethereum [ETH]and Dogecoin [DOGE] Global stock prices have seen gains of more than 2.5%, 2% and 1.5% respectively over the past 24 hours.
