SOL Price $10+M Moved to Binance: Is a Promote-off Brewing?

• SOL was buying and selling at $54.83 at press time after its worth dropped 1.89% over the previous day.
• Whale Alert introduced {that a} whale transferred SOL price greater than $10 million to Binance.
• Ought to SOL shut right now’s day by day candle beneath $56.95, it could be vulnerable to falling to as little as $47.60.

The whale monitoring platform Whale Alert shared in an X submit earlier right now {that a} whale transferred an enormous quantity of Solana (SOL) tokens to an alternate. In response to the submit, about 199,999 SOL was moved from an unknown pockets to Binance. The transferred SOL was price roughly $10,487,432.

Consequently, rumors of a attainable sell-off circulated throughout the cryptocurrency neighborhood and amongst merchants. Talks of a selloff may not be so far-fetched as SOL’s worth decreased by 1.89% over the previous 24 hours of buying and selling.

Consequently, CoinMarketCap knowledge indicated that, at press time, the Ethereum-killer was buying and selling at $54.83 after it set a low worth of $51.56. SOL additionally noticed a greater than 28% enhance in its 24-hour quantity, which ended up taking the overall quantity to $2,531,052,798.

However, any blows dealt to the SOL worth might be softened by the current announcement made by the BIT alternate. In response to the alternate founder, Jihan Wu, the agency is all set to launch SOL choices buying and selling following the colossal surge in institutional demand.

Each day chart for SOL/USDT (Supply: TradingView)

From a technical perspective, SOL dropped beneath the important thing $56.95 assist stage over the previous 48 hours and continued to commerce beneath this stage at press time. Ought to SOL shut right now’s day by day candle beneath $56.95, then it could be vulnerable to falling to as little as $47.60 via the course of the subsequent few days.

This bearish thesis could also be invalidated if the cryptocurrency’s worth is ready to shut a buying and selling session above $56.95 throughout the subsequent 48 hours. This might then give the altcoin the muse wanted to rise to the next resistance stage at $68.85 within the quick time period.