{"id":567348,"date":"2023-12-29T11:30:54","date_gmt":"2023-12-29T11:30:54","guid":{"rendered":"https:\/\/wncen.com\/?p=567348"},"modified":"2023-12-29T11:20:30","modified_gmt":"2023-12-29T11:20:30","slug":"solana-price-fell-8-to-98","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-price-fell-8-to-98\/","title":{"rendered":"Here\u2019s The Reason The Solana price Fell 8% To $98"},"content":{"rendered":"

The Solana price growth for the past few months seems to <\/span>have hit a barrier<\/span><\/a> just above the $120 price level. The price of Solana (SOL) <\/span>fell around 8%<\/span><\/a> on Thursday to about $98, showing the sheer volatile nature of the crypto market.\u00a0<\/span><\/p>\n

As a result, Solana <\/span>slipped below BNB<\/span><\/a> in market cap rankings, as the <\/span>latter rallied 9%<\/span><\/a> to take back the fourth spot. According to on-chain data, there’s been an increase in transfers of what looks like profit-taking from Solana whales.\u00a0<\/span><\/p>\n

Large Whale Sells $38.2 Million in SOL Tokens<\/h2>\n

When whales move a lot of crypto, they can really shake things up. According to Lookonchain, an anonymous investor deposited 303,756 SOL tokens worth approximately $38.2 million on Binance, possibly as part of a selloff. Further details show this particular whale has made strategic SOL trades in the past, making huge profits.\u00a0<\/span><\/p>\n

Related Reading: XRP Price Surge: \u2018Dumb Money\u2019 Will Miss Out, Analyst Cautions<\/a><\/div>\n

The whale withdrew 19,704 SOL from Binance on Sept 29. Solana was trading at $20 during this time, making the transfer worth approximately $394,000. The whale would then deposit it into Binance at $43 per token on Nov 8, making $453,000, a 115% profit. Data from Lookonchain shows that the address still has 119,998 SOL tokens worth $12.44 million staked, and is sitting on over $17 million unrealized profit.<\/span><\/p>\n

\n

A whale deposited 303,756 $SOL<\/a>($32.8M) to #Binance<\/a> today, possibly selling it for profit.<\/p>\n

The whale withdrew 423,754 $SOL<\/a>($28.18M) at $66.5 from #Binance<\/a> in the past 1 month.<\/p>\n

And still has 119,998 $SOL<\/a> ($12.44M) staked, the profit exceeding $17M!<\/p>\n

This whale also withdrew\u2026 pic.twitter.com\/Sptfj7uUIa<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) December 28, 2023<\/a><\/p><\/blockquote>\n

Speculation that other large holders of SOL, known as \u201cwhales,\u201d sold off portions of their holdings recently may have contributed to the recent price dip. Similar social media posts from whale transaction tracker whale alerts have shown various large SOL transfers from private wallets into crypto exchanges on Thursday, suggesting whales locking in profits or reducing their exposure to the token.<\/span><\/p>\n

Two of the most notable transactions were the transfer of 1,832,958 SOL worth $182.9 million from an unknown wallet to Coinbase and the transfer of 114,046 SOL worth $11.5 million from another private wallet to Coinbase.<\/span><\/p>\n

\n

\ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 1,832,958 #SOL<\/a> (182,951,373 USD) transferred from unknown wallet to #Coinbase<\/a>https:\/\/t.co\/7h1GmobutZ<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) December 28, 2023<\/a><\/p><\/blockquote>\n

\n

\ud83d\udea8 114,046 #SOL<\/a> (11,536,447 USD) transferred from unknown wallet to #Coinbase<\/a>https:\/\/t.co\/5giZek1q0Z<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) December 28, 2023<\/a><\/p><\/blockquote>\n

Trading data also suggests traders were moving funds out of SOL to stablecoins. As a result, Solana’s price cascaded and fell from $110 to $98 in 24 hours.\u00a0<\/span><\/p>\n

\"Solana<\/p>\n

SOL price recovers to $107 | Source: SOLUSD on Tradingview.com<\/a><\/pre>\n
Current State Of Solana<\/h2>\n
The SOL community and ecosystem have witnessed <\/span>one of the best price growth<\/span><\/a> this year. Over the past 24 hours, around $18.6 million worth of Solana positions were liquidated, with $10.42 million coming from leveraged long positions, data from <\/span>CoinGlass <\/span><\/a>shows. This profit-taking sentiment seems to have rolled over <\/span>into BONK<\/span><\/a>, Solana’s first dog-themed meme token, which is now 50% down from its all-time high.<\/span><\/p>\n
Related Reading: Top Banker Reveals Why XRP Price Will Rise 390,000% To $2,500<\/a><\/div>\n
Solana has since recovered some of the loss, and is now trading at $108, showing the crypto hasn’t lost all of its bullish momentum. Solana recently <\/span>reached a yearly high of $123.76<\/span><\/a> on December 25, its highest point in 20 months.<\/span><\/p>\n
Featured image from CNBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Solana price growth for the past few months seems to have hit a barrier just above the $120 price level. The price of Solana (SOL) fell around 8% on Thursday to about $98, showing the sheer volatile nature of the crypto market.\u00a0 As a result, Solana slipped below BNB in market cap rankings, as the latter rallied 9% to take back the fourth spot. According to on-chain data, there’s been an increase in transfers of what looks like profit-taking from Solana whales.\u00a0 Large Whale Sells $38.2 Million in SOL Tokens When whales move a lot of crypto, they can really shake things up. According to Lookonchain, an anonymous investor deposited 303,756 SOL tokens worth approximately $38.2 million on Binance, possibly as part of a selloff. Further details show this particular whale has made strategic SOL trades in the past, making huge profits.\u00a0 Related Reading: XRP Price Surge: \u2018Dumb Money\u2019 Will Miss Out, Analyst Cautions The whale withdrew 19,704 SOL from Binance on Sept 29. Solana was trading at $20 during this time, making the transfer worth approximately $394,000. The whale would then deposit it into Binance at $43 per token on Nov 8, making $453,000, a 115% profit. Data from Lookonchain shows that the address still has 119,998 SOL tokens worth $12.44 million staked, and is sitting on over $17 million unrealized profit. A whale deposited 303,756 $SOL($32.8M) to #Binance today, possibly selling it for profit. The whale withdrew 423,754 $SOL($28.18M) at $66.5 from #Binance in the past 1 month. And still has 119,998 $SOL ($12.44M) staked, the profit exceeding $17M! This whale also withdrew\u2026 pic.twitter.com\/Sptfj7uUIa \u2014 Lookonchain (@lookonchain) December 28, 2023 Speculation that other large holders of SOL, known as \u201cwhales,\u201d sold off portions of their holdings recently may have contributed to the recent price dip. Similar social media posts from whale transaction tracker whale alerts have shown various large SOL transfers from private wallets into crypto exchanges on Thursday, suggesting whales locking in profits or reducing their exposure to the token. Two of the most notable transactions were the transfer of 1,832,958 SOL worth $182.9 million from an unknown wallet to Coinbase and the transfer of 114,046 SOL worth $11.5 million from another private wallet to Coinbase. \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 1,832,958 #SOL (182,951,373 USD) transferred from unknown wallet to #Coinbasehttps:\/\/t.co\/7h1GmobutZ \u2014 Whale Alert (@whale_alert) December 28, 2023 \ud83d\udea8 114,046 #SOL (11,536,447 USD) transferred from unknown wallet to #Coinbasehttps:\/\/t.co\/5giZek1q0Z \u2014 Whale Alert (@whale_alert) December 28, 2023 Trading data also suggests traders were moving funds out of SOL to stablecoins. As a result, Solana’s price cascaded and fell from $110 to $98 in 24 hours.\u00a0 SOL price recovers to $107 | Source: SOLUSD on Tradingview.com Current State Of Solana The SOL community and ecosystem have witnessed one of the best price growth this year. Over the past 24 hours, around $18.6 million worth of Solana positions were liquidated, with $10.42 million coming from leveraged long positions, data from CoinGlass shows. This profit-taking sentiment seems to have rolled over into BONK, Solana’s first dog-themed meme token, which is now 50% down from its all-time high. Related Reading: Top Banker Reveals Why XRP Price Will Rise 390,000% To $2,500 Solana has since recovered some of the loss, and is now trading at $108, showing the crypto hasn’t lost all of its bullish momentum. Solana recently reached a yearly high of $123.76 on December 25, its highest point in 20 months. Featured image from CNBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":567355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[],"class_list":["post-567348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana"],"acf":[],"yoast_head":"\nHere\u2019s The Reason The Solana price Fell 8% To $98<\/title>\n<meta name=\"description\" content=\"The Solana price growth for the past few months seems to have hit a barrier just above the $120 price level as SOL fell around 8%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/solana\/solana-price-fell-8-to-98\/\" \/>\n<meta property=\"og:locale\" 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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