CandleFocus Whales Make Big Moves with Solana; What’s Their Endgame?
2024-12-01
Author: Content Editor
Major players in the crypto market, such as Pump.fun and whales, are positioning themselves for future price gains in Solana (SOL). Pump.fun deposited a large amount of SOL worth $154M to Kraken and sold some for USDC, retaining a significant amount. Additionally, two wallets belonging to the same whale withdrew a total of 250,109 SOL from Kraken. This accumulation by whales suggests a potential reduction in circulating supply, which could stabilize prices and lead to a price rally. Despite the large deposits potentially causing regional price spikes and short-term volatility, Solana's impressive network speeds, surpassing 1,300 TPS, contribute to the bullish outlook for the token's future. The high TPS measurement reflects Solana's operational efficiency and scalability, making it a preferred network for decentralized ecosystems and blockchain innovation. The Solana price chart indicates a bullish bias with key support and resistance levels. The MACD indicator shows signs of recovery, suggesting growing purchasing pressure. However, the stochastic RSI indicates a short-term pullback may occur.
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