The post Solana Whale Transfers $36M to Staking as Price Stabilizes Above $175 appeared on BitcoinEthereumNews.com.

TLDR Major whale moved 206,111 SOL ($36M) from Binance to staking SOL trading above $175 with bullish technical patterns forming Solana NFTs dominate with 33% of cross-chain activity Robinhood expands Solana services to European markets Ecosystem tokens showing strong performance, led by memecoins and AI projects A major cryptocurrency whale has made a bold move in the Solana market, withdrawing and staking 206,111 SOL tokens valued at $36 million from Binance over the past nine days. This large-scale transaction comes as Solana’s price maintains stability above the $175 mark. The substantial withdrawal and subsequent staking of SOL tokens points to growing confidence in Solana’s market position. Data from blockchain analytics platforms shows that this movement represents one of the largest single-wallet transactions in recent weeks. On the technical front, Solana’s price movement has formed a clear upward trend channel on the 4-hour chart. Daily timeframe analysis reveals the emergence of a bullish pennant formation, typically associated with potential upward breakouts. Solana Price on CoinGecko Market observers note that SOL’s performance against Bitcoin has shown notable strength. The SOL/BTC trading pair demonstrates resilience in current market conditions, suggesting potential outperformance compared to other major cryptocurrencies. Robinhood, the popular trading platform, has expanded its Solana offerings to European markets. The company aims to attract new users with a 1% deposit bonus, marking a key step in Solana’s international expansion and institutional adoption. In the NFT sector, Solana continues to hold a strong position, accounting for 33% of NFT activity across all blockchains. This metric underscores the platform’s growing importance in the digital collectibles space. The broader Solana ecosystem shows signs of health across multiple sectors. Memecoin activity has notably increased, with tokens like Ponke emerging as top performers among the top 200 cryptocurrencies by market capitalization. Helium, a major project within the…

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Filed under: News - @ November 1, 2024 2:26 pm