{"id":606609,"date":"2024-05-05T15:30:48","date_gmt":"2024-05-05T15:30:48","guid":{"rendered":"https:\/\/wncen.com\/?p=606609"},"modified":"2024-05-05T09:48:27","modified_gmt":"2024-05-05T09:48:27","slug":"why-did-the-solana-sol-price-jump-today","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/why-did-the-solana-sol-price-jump-today\/","title":{"rendered":"Why Did The Solana (SOL) Price Jump Today?"},"content":{"rendered":"

Solana (SOL) is currently up by 4% after jumping from $142 to $148 in the past 24 hours. Interestingly, <\/span>Solana <\/span><\/a>has made a 23% gain from $119.56 since May 1 and could hold on to sustain this price increase steadily for the rest of the month. On-chain data has revealed behind the scenes that some whales are accumulating and transferring SOL tokens which reflects some intuition of bullishness surrounding the cryptocurrency.\u00a0<\/span><\/p>\n

Related Reading: Whales Dive In, But Dogecoin Price Sinks 20%: What\u2019s Going On?<\/a><\/div>\n

Particularly, on-chain data from whale transaction tracker Whale Alert has revealed the movement of 267,077 SOL worth $38.6 million from crypto exchange Binance into an unknown wallet in the past 24 hours. Another notable transfer was the movement of 11 million SOL worth $1.6 billion from a private wallet address to another private wallet address.<\/span><\/p>\n

\n

\ud83d\udea8 \ud83d\udea8 267,077 #SOL<\/a> (38,637,899 USD) transferred from #Binance<\/a> to unknown wallethttps:\/\/t.co\/ggx8BMqNhj<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) May 4, 2024<\/a><\/p><\/blockquote>\n

Solana Whale Movement<\/b><\/h2>\n

Whale transfers are very common in the crypto industry. They are of different types and they generally tend to shift the sentiment among crypto traders. Whale transfers from exchanges into private addresses could indicate whales are holding onto their assets in anticipation of a price surge. <\/span><\/p>\n

On the other hand, transfers from private wallets into crypto exchanges most likely mean a selloff, which could increase selling pressure on these exchanges. A third type of whale transfer is between two private wallets, which could be for a various number of reasons.<\/span><\/p>\n

The recent transfer of 11 million SOL falls into the third category of whale movement. A further look into on-chain transaction data shows that the transfer was made between two stake addresses. <\/span><\/p>\n

<\/p>\n

Solana is currently trading at $145.94. Chart: TradingView<\/a><\/pre>\n
Consequently, the <\/span>tokens are locked up<\/span><\/a> and inactive at the moment. As of now, their movement is likely going to have little to no effect on the price of Solana.\u00a0<\/span><\/p>\n
\n
\ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 11,000,000 #SOL<\/a> (1,624,618,110 USD) transferred from unknown wallet to unknown new wallethttps:\/\/t.co\/pEVupwwe5w<\/a><\/p>\n
\u2014 Whale Alert (@whale_alert) May 4, 2024<\/a><\/p><\/blockquote>\n
Whale Accumulates Solana<\/strong><\/h2>\n
On the other hand, private wallet “8NWAHM” <\/span>has been accumulating<\/span><\/a> SOL in the past 24 hours. While Whale Alert only noted an interesting transfer of 267,077 SOL worth $38.6 million into the address, a closer look into this wallet address shows this is the second major inflow into the address in the past 24 hours. <\/span><\/p>\n
In an earlier transaction, 49,999 SOL worth $7.23 million made their way from crypto exchange Binance into the wallet address.\u00a0<\/span><\/p>\n
Related Reading: Is MATIC Poised For Takeoff? Key Area Breaks Records, Fueling Bullish Outlook<\/a><\/div>\n
This whale seems to be positioning itself for a price surge in the coming weeks, and the accumulation has, in turn, contributed to buying pressure for SOL.\u00a0<\/span><\/p>\n
At the time of writing, <\/span>Solana is trading<\/span><\/a> at $145. Despite the 24-hour price gains, Solana is still experiencing a 20% correction in a 30-day timeframe. However, the cryptocurrency could <\/span>continue this price uptick<\/span><\/a> and eventually break above $200 again in May.\u00a0<\/span><\/p>\n
Featured image from Pixabay, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Solana (SOL) is currently up by 4% after jumping from $142 to $148 in the past 24 hours. Interestingly, Solana has made a 23% gain from $119.56 since May 1 and could hold on to sustain this price increase steadily for the rest of the month. On-chain data has revealed behind the scenes that some whales are accumulating and transferring SOL tokens which reflects some intuition of bullishness surrounding the cryptocurrency.\u00a0 Related Reading: Whales Dive In, But Dogecoin Price Sinks 20%: What\u2019s Going On? Particularly, on-chain data from whale transaction tracker Whale Alert has revealed the movement of 267,077 SOL worth $38.6 million from crypto exchange Binance into an unknown wallet in the past 24 hours. Another notable transfer was the movement of 11 million SOL worth $1.6 billion from a private wallet address to another private wallet address. \ud83d\udea8 \ud83d\udea8 267,077 #SOL (38,637,899 USD) transferred from #Binance to unknown wallethttps:\/\/t.co\/ggx8BMqNhj \u2014 Whale Alert (@whale_alert) May 4, 2024 Solana Whale Movement Whale transfers are very common in the crypto industry. They are of different types and they generally tend to shift the sentiment among crypto traders. Whale transfers from exchanges into private addresses could indicate whales are holding onto their assets in anticipation of a price surge. On the other hand, transfers from private wallets into crypto exchanges most likely mean a selloff, which could increase selling pressure on these exchanges. A third type of whale transfer is between two private wallets, which could be for a various number of reasons. The recent transfer of 11 million SOL falls into the third category of whale movement. A further look into on-chain transaction data shows that the transfer was made between two stake addresses. Solana is currently trading at $145.94. Chart: TradingView Consequently, the tokens are locked up and inactive at the moment. As of now, their movement is likely going to have little to no effect on the price of Solana.\u00a0 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 11,000,000 #SOL (1,624,618,110 USD) transferred from unknown wallet to unknown new wallethttps:\/\/t.co\/pEVupwwe5w \u2014 Whale Alert (@whale_alert) May 4, 2024 Whale Accumulates Solana On the other hand, private wallet “8NWAHM” has been accumulating SOL in the past 24 hours. While Whale Alert only noted an interesting transfer of 267,077 SOL worth $38.6 million into the address, a closer look into this wallet address shows this is the second major inflow into the address in the past 24 hours. In an earlier transaction, 49,999 SOL worth $7.23 million made their way from crypto exchange Binance into the wallet address.\u00a0 Related Reading: Is MATIC Poised For Takeoff? Key Area Breaks Records, Fueling Bullish Outlook This whale seems to be positioning itself for a price surge in the coming weeks, and the accumulation has, in turn, contributed to buying pressure for SOL.\u00a0 At the time of writing, Solana is trading at $145. Despite the 24-hour price gains, Solana is still experiencing a 20% correction in a 30-day timeframe. However, the cryptocurrency could continue this price uptick and eventually break above $200 again in May.\u00a0 Featured image from Pixabay, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":606618,"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":[142,3505,83626,14896],"class_list":["post-606609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-altcoins","tag-price-analysis","tag-solana","tag-whale"],"acf":[],"yoast_head":"\nWhy Did The Solana Price Jump Today?<\/title>\n<meta name=\"description\" content=\"Solana (SOL) is currently up by 4% after jumping from $142 to $148 in the past 24 hours. 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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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