In the past 24 hours, there have been six significant transactions by Solana (SOL) whales, even though the crypto market is pessimistic and the price of Solana has decreased.
The initial transaction encompassed the transfer of more than 1.5 million SOL tokens, equivalent to $216 million, to an unidentified wallet. This was succeeded by the transfer of 1.13 million SOL tokens, amounting to $163 million, to four distinct wallets.
The third transaction entailed the transfer of slightly more than 1 million Solana tokens, equivalent to $144 million, from an unidentified wallet to another unidentified wallet. Additionally, the fifth transaction featured the movement of 1.6 million Solana tokens, valued at $230 million, from the unidentified wallet with the address 3vx…kom to another unidentified wallet.
This implies that the large holders of Solana tokens may be seeking to sell their tokens, which would have a detrimental effect on the price of Solana.
Nevertheless, the previous transactions indicate that the other large investors in Solana may be transferring their funds between different wallets instead of selling them on the market.
Crypto expert Ali Martinez has indicated that Solana is poised for a significant price movement of 53%. It is advised for market participants to closely monitor the $143 support and $178 resistance levels in order to assess the prevailing mood towards this crypto token.
The crypto analyst Altcoin Sherpa has also conveyed a pessimistic outlook for Solana, asserting that the prevailing trend of celebrity involvement is detrimental to the crypto’s environment. Additionally, the expert predicts that Ethereum will likely maintain its superior performance over Solana in the foreseeable future.
Last week, Solana has removed numerous validators from its delegation program due to their involvement in sandwich attacks specifically aimed at retail consumers.
These attacks are classified as Maximal Extractable Value (MEV) attacks, when malevolent actors manipulate transaction sequences to gain more advantageous prices for themselves, hence inflicting harm to retail traders.
