Solana (SOL) Price Surges 17% as 'Whales' Stake Tokens, Meme Coin GOAT Rides the Momentum

Solana (SOL) has experienced a remarkable 17% price surge over the past week, driven by substantial activity from large holders, commonly referred to as

Solana (SOL) price surges 17% as large holders show substantial activity Solana (SOL) price experienced a remarkable 17% price surge over the past week, driven by substantial activity from large holders, commonly referred to as “whales.” On-chain data reveals that in the last three days, a fresh wallet has withdrawn 150,011 SOL tokens, equivalent to $26.25 million, from Binance. The whale then proceeded to stake these tokens, adding fuel to the growing market interest surrounding Solana’s blockchain ecosystem.

Whale activity, reflected in multiple transactions of around 9,999.99 SOL each, reflects growing confidence in Solana, suggests on-chain data On-chain data analysis firm Lookonchain highlighted the large-scale withdrawal of SOL tokens from Binance, followed by their staking. According to the firm’s analysis, the whale is continuously moving around 9,999.99 SOL at a time, reflecting a strategy to avoid triggering large price movements or attracting undue attention to their transactions.

The analysis further reveals that the large-scale SOL staking is performed to maximize rewards, as the tokens are not being delegated to any particular SOL validator. This indicates a preference for collecting staking rewards directly rather than supporting specific validators within the Solana blockchain network.

As the dust settles on another week of impressive SOL price performance, on-chain data analysis provides valuable insights into the large-scale staking activity by major crypto holders.

This bulk staking activity is reducing circulating SOL supply, which could bode well for long-term price appreciation, especially considering traders’ and investors’ optimism for sustained upward momentum in SOL’s price.

Solana price analysis reveals key resistance and support levels to watch Solana price action over the past week has been bullish, with the SOL token fiyatı rising over 17%. At the time of writing, SOL trades at $174.2 after bulls defended a crucial support level.

A further 10% increase in the circulating supply of SOL could see the token price rally towards $200, an area of strong resistance from late 2022. Breaking above this level could see SOL price quickly reach new all-time highs.

On the downside, a failure to hold the critical support level at $163 could see the recent gains quickly unwind. A daily close below this level could see the recent low at $147 being tested once again.

Solana (SOL) price analysis reveals key resistance and support levels to watch. A 10% increase in the circulating supply of SOL could see the token price rally towards $200, an area of strong resistance from late 2022. Breaking above this level could see SOL price quickly reach new all-time highs. On the downside, a failure to hold the critical support level at $163 could see the recent gains quickly unwind. A daily close below this level could see the recent low at $147 being tested once again.

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