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Reading: Investors Show Confidence in Solana as New Wallet Acquires $25 Million in SOL
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COINTURK NEWS > Solana (SOL) > Investors Show Confidence in Solana as New Wallet Acquires $25 Million in SOL
Solana (SOL)

Investors Show Confidence in Solana as New Wallet Acquires $25 Million in SOL

In Brief

  • New wallets are acquiring significant amounts of Solana during price declines.

  • Technical indicators signal strong support and potential price increases for SOL.

  • Investors are leaning towards long positions, indicating optimism for future price movements.

Ömer Ergin
Ömer Ergin 2 months ago
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The cryptocurrency market continues its downward trend, yet a newly created wallet has acquired $25 million worth of Solana $178 (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.

Contents
Solana Shows Strong Technical Signals for UpsurgeInvestors Increase Long Positions in SOL Coin

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.

Solana Price Analysis

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.

Whale Acquisition of SOL Coins from Binance

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.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 14 March, 2025 - 1:08 pm 14 March, 2025 - 1:08 pm
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