Large amount of Solana transferred to Binance

Solana traded at $148.92, down 3.86% in the past 24 hours as per data from CMC

Binance, a prominent crypto currency exchange, received a large transfer of Solana, according to blockchain data tracker Whale Alert. A tweet from Whale Alert states that Binance received 154,912 SOL, with a value of $23,928,285. However, the wallet’s identity remains unidentified.

Whales—large crypto currency holders—often transfer crypto currencies to exchanges when they plan to sell or trade their assets. This large transfer has garnered attention as it occurred at the same time as a decline in the price of Solana.

Whale investors may be getting ready to cash out after Solana’s recent price rise, because the crypto currency has been doing very well recently. Despite the lack of clarity around the transfer’s reasons, investors will be keeping a careful eye on Solana’s price and any other substantial fund transfers.

The price of bitcoin stayed just below $63,000. It has successfully defended the $60,000 mark despite a quick pullback. Following eight successive days of declines, Solana recovered sharply from its August 5 low of $112.

The price of Solana soared on August 6 and 8, respectively, in response to the comeback, as buyers flooded the market. However, the bulls were forced to withdraw somewhat as the bounce encountered resistance near $163.

At one time, SOL traded at $148.92, down 3.86% in the past 24 hours as per data from CMC. Furthermore, the trading volume is down 20.25%. The price recently broke below short-term support level at $151.

If the price continues to drop and goes below $143 level, then it will likely drop further to test $137 support level. However, if the bulls make a comeback and drive the price above $157 level, then it will likely retest $163 resistance level.