Whales' recent $35 million acquisition of Solana (SOL) suggests a positive outlook with a strong opportunity for SOL to reach the $195 level.
SOL’s liquidation data indicates that bulls are currently dominating the asset, meaning bets on the long side are significantly higher., the world’s fifth-largest cryptocurrency by market cap, approaches the breakout level of $195.On 28th October, the blockchain-based transaction tracker Lookonchain posted on X that whales accumulated a significant 202,400 SOL worth $35 million in the past week.
noted that the whale wallet address “AA21BS” withdrew over 153,511 SOL worth $26.4 million. Another wallet address “EHax,” withdrew 35,498 SOL worth $6.12 million, and the last whale’s wallet address “EGzi,” withdrew 13,000.8 SOL worth $2.3 million.Solana technical analysis and key levels However, these notable SOL acquisitions and the current sentiment suggest that SOL has the potential to reach its all-time high of $260 level in the coming days. As of now, the 200 Exponential Moving Average indicates an uptrend.Despite this positive outlook, SOL on-chain metrics hint at a mixed sentiment. According to the on-chain analytics firm Coinglass, SOL’s Long/Short ratio currently stands at 1.03, indicating a bullish sentiment among traders.
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