Coinbase receives over 806k SOL from Whales after price falls below $200
Whale Activity: Massive SOL Transfer to Coinbase Amid Falling Prices
Recent data reveals that a significant amount of Solana (SOL) has been sent to the Coinbase exchange by whale addresses as the asset’s value drops below $200.
Whale Alert reports that four whale addresses collectively transferred 806,711 SOL tokens to Coinbase at approximately 09:00 UTC on April 1. At the time of writing, these tokens are valued at $158.86 million.
These substantial whale movements coincide with the decline of Solana’s price in a bearish market.
Furthermore, SOL has experienced a modest 0.14% increase in the past 24 hours and is currently trading at $197. Its market capitalization stands at $87.6 billion, slightly surpassing BNB’s market value of $87.4 billion. Additionally, Solana’s daily trading volume has surged by 45%, reaching $3.1 billion.
Interestingly, on April 1 at 01:35 UTC, SOL briefly reached a local high of $204, marking the first time in two weeks.
According to Santiment, Solana’s total open interest has risen by $120 million in the past day, climbing from $2.36 billion to $2.48 billion. This increase in open interest usually leads to heightened price volatility since liquidations can occur at any time.
However, the number of traders speculating on a further price hike for SOL has decreased. Santiment reports that Solana’s aggregated funding rate has dropped from 0.06% to 0.05% in the past 24 hours, indicating a slight increase in short trading contracts.
Conversely, Santiment data reveals that Solana’s Relative Strength Index (RSI) has fallen to 53 for the first time since February 28. This suggests that the hype surrounding Solana has cooled off, and the asset may potentially enter another accumulation phase.
To maintain its bullish momentum, Solana’s RSI would need to remain below the 60 mark.
In conclusion, the recent whale activity and price fluctuations in SOL indicate a dynamic market for the cryptocurrency. Traders will be closely monitoring these developments to assess future trends and opportunities.
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