Solana (SOL), the world’s fourth-largest cryptocurrency by market cap is gaining significant attention from crypto enthusiasts amid ongoing price correction. Amid this, some investors appear to be accumulating, while others are dumping the tokens.
On November 26, 2024, a whale transactions tracker Lookonchain made a post on X (Previously Twitter) that the Solana-based meme coin generator, Pump Fun, had sold a significant 99,999 SOL worth $22.74 million.
The report stressed that this significant token sell-off occurred on the Kraken cryptocurrency exchange. So far, Pump Fun has earned a significant over 1.487 million SOL tokens worth $345 million from generating the meme coin, out of which it has sold 998,242 SOL worth $180.4 million at an average price of $180.70.
Based on the current market sentiment, this SOL offload is not excessive. However, during this phase of the market, it has the potential to influence investors and whales, creating selling pressure and driving further price declines.
According to expert technical analysis, SOL is currently at a strong support level of $230. However, due to significant selling pressure and the ongoing market correction, it appears to be struggling to maintain this level. Based on recent price action, if SOL fails to hold this support, there is a strong possibility it could drop by 12%, reaching the $200 level in the coming days.
On the positive side, the asset is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating that SOL is an uptrend.
Meanwhile, its Relative Strength Index (RSI) is below 70 and currently stands at 57.30, suggesting a potential upside rally in the coming days. The RSI is a technical indicator commonly used by traders and investors when building positions.
Currently, SOL is trading near $230 and has experienced a price decline of over 3.55% in the past 24 hours. During the same period, its trading volume jumped by 24%, indicating heightened participation from traders and investors amid ongoing price correction.
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