The cryptocurrency market continues its downward trend, yet a newly created wallet has acquired $25 million worth of Solana 
$143 (SOL). According to a March 13, 2024 post from the blockchain analysis platform Lookonchain, this investor withdrew 201,755 SOL coins from the Binance exchange, opting to capitalize on the current price decline. Although the SOL price has not displayed significant movement following this transaction, it is trading around $120 after a modest 0.50% increase over the last 24 hours, despite a 25% drop in trading volume during the same period.
Solana Shows Strong Technical Signals for Upsurge
Experts’ technical analyses indicate that the SOL price has found strong support around the critical threshold of $120. The positive divergence forming on daily charts suggests that the altcoin may experience a significant surge shortly. Should the price hold above $116, analysts predict SOL could rise approximately 45% to reach $180 in the short term.
This critical level in SOL’s price has caught the attention of investors. Long-term investors particularly tend to assess the current low prices. However, a decline below these levels could trigger a new wave of selling.
Investors Increase Long Positions in SOL Coin
Data from on-chain analytics platform Coinglass shows that SOL investors currently hold significant long positions. The levels where investors have concentrated their positions are noted at a lower bound of $123 and an upper bound of $128.3, with around $144 million worth of positions opened at these levels.
The shift toward long positions indicates that investors expect a short-term recovery in SOL coin prices. Additionally, despite prevailing negative market conditions, investor optimism regarding potential price increases suggests rapid movements could occur in the market.
