Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Nearly 100M Solana Moves To Binance- Should You Worry About the SOL Price Rally?

Share This Post

Will Solana Ever Reach $150 as Bearish Clouds Hover Over SOL Price Rally Here’s What You Need to Know!

The post Nearly 100M Solana Moves To Binance- Should You Worry About the SOL Price Rally? appeared first on Coinpedia Fintech News

Bitcoin price is rising and close to testing the barrier at $88,500, while the altcoins are not moving as they remain stuck below their respective resistance. However, the Solana price, which has been trying hard to sustain above the resistance at $140, seems to be preparing for a 50% upswing, but only when the SOL price satisfies some conditions. 

In a recent update, Solana has surpassed Ethereum in staking market capitalization, which is seen as a significant step in growing adoption. The rise in its dominance compared to other popular chains like Ethereum depicts the rising popularity of the altcoin. On the other hand, a Solana whale unstaked a huge amount of SOL tokens in the past few hours, which is expected to increase the volatility of the token. 

As per the data from Lookonchain, nearly 100K SOL tokens have been unstaked in the past few hours and deposited into Binance. The whale has held these tokens for the past 4 years at the base price of $27. Moreover, the whale still holds over a million SOL tokens, while his total profits amount to over $153 million. This may flash a bearish signal, but only for a short time frame, as the fear of substantial selling may hinder the SOL price rally. 

What’s Next for the Solana (SOL) Price Rally?

The SOL price has broken the descending trend line that it had held since the start of the year, hinting towards a rise in the bullish dominance. Meanwhile, the price has been failing to break through the resistance zone between $146.5 and $150 since the March drop, which had raised concerns. However, the bulls are on another attempt to rise above the range, but the drop in the money flow suggests the SOL price breakout could be delayed for a while.

The historical chart of the SOL price suggests the token is trading under a bullish influence, and the latest rebound substantiates the claim. The rise in the buyer’s activity has slashed the selling pressure in the long term, as suggested by the MACD, which is heading for a bullish crossover. However, the CMF, the money flow indicator, has dropped below 0, while the attempt at a recovery seems to be nullified. This suggests that the token is still in the distribution phase, and hence a breakout can occur once the CMF rises back above 0, indicating the beginning of the accumulation phase. 

Although the Solana price seems to be poised to maintain a strong ascending trend, the token is required to surpass the immediate resistance zone around $148 to $150. This could attract fresh liquidity onto the platform, which may help the SOL price to reach $200. 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Latam Insights: Milei Dissolves Libra’s Investigation, Colombian CBDC Comes out of Stealth

Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week In this week’s edition, Argentine President Javier Milei dissolves the group

Ethereum Bullish Pattern Points To Immediate $3,000 Target – Details

The Ethereum market price rose by a net 316% in what proved to be another historic week for the crypto market as Bitcoin registered a new all-time high price Notably, the prominent altcoin has

Bitcoin And Ethereum Decoupling Reaches Historic Point — What This Means For Investors

It’s no secret that Ethereum’s performance has been tame compared to Bitcoin since the start of this cycle However, this trend became most apparent at the start of the year when

XRP price prediction: XRP Eyes $5.50 By Q4, But A “Next-Gen Rival” Could Outpace It With 1000% Gains

The post XRP price prediction: XRP Eyes $550 By Q4, But A “Next-Gen Rival” Could Outpace It With 1000% Gains appeared first on Coinpedia Fintech News XRP has shot into the limelight with many

Bitcoin At Crossroads After Trump Tariff Shock: Breakdown Towards $106K Or New ATH?

Bitcoin is grappling with intensified volatility following a sharp selloff triggered by US President Donald Trump’s abrupt announcement of a sweeping 50% tariff on all EU imports starting June 1

Buying Dogecoin (DOGE) At $0.25 or Buying Remittix (RTX) At $0.07 – Which Will Be the Bigger Payday?

The post Buying Dogecoin (DOGE) At $025 or Buying Remittix (RTX) At $007 – Which Will Be the Bigger Payday appeared first on Coinpedia Fintech News With crypto markets on the rise, investors are