Knowledge exhibits that whales have despatched an enormous quantity of Solana (SOL) to the Coinbase change because the asset falls beneath the $200 mark.
In keeping with data from Whale Alert, 4 whale addresses despatched a complete of 806,711 SOL tokens — value $158.86 million on the time of writing — to Coinbase at round 09:00 UTC on April 1.
The big whale actions come because the Solana value falls beneath the $200 mark in the course of bearish market sentiment.
SOL is up by 0.14% previously 24 hours and is buying and selling at $197 on the time of writing. The asset’s market cap stands at $87.6 billion, barely above BNB’s $87.4 billion market worth. Solana’s each day buying and selling quantity recorded a forty five% surge, reaching $3.1 billion.
Notably, SOL briefly touched an area excessive of $204 at 01:35 UTC on April 1 for the primary time in two weeks.
In keeping with knowledge supplied by Santiment, Solana’s complete open curiosity (OI) elevated by $120 million over the previous day — rising from $2.36 billion to $2.48 billion. Greater OI often results in greater value volatility since liquidations might occur at any second.
The quantity of merchants betting on an additional value hike for SOL has additionally slipped. Per Santiment, the whole funding price aggregated by Solana fell from 0.06% to 0.05% previously 24 hours.
This exhibits that the quantity of short buying and selling contracts has barely elevated.
However, Santiment knowledge exhibits that the SOL Relative Energy Index (RSI) plunged to 53 for the primary time since Feb. 28. The indicator exhibits that the warmth round Solana has cooled down, and the asset might doubtlessly enter one other accumulation section.
For Solana to take care of its bullish momentum, its RSI would want to remain beneath the 60 mark.