The post Whales buy $35 million in Solana (SOL), All-time high incoming? appeared on BitcoinEthereumNews.com.

Price action suggests that SOL could easily reach the $195 level in the coming days. SOL’s liquidation data indicates that bulls are currently dominating the asset, meaning bets on the long side are significantly higher. It appears that whales are back in action, as Solana [SOL], the world’s fifth-largest cryptocurrency by market cap, approaches the breakout level of $195.  Whales bags $35 million of Solana  On 28th October, the blockchain-based transaction tracker Lookonchain posted on X (previously Twitter) that whales accumulated a significant 202,400 SOL worth $35 million in the past week. In addition, these whales have staked their acquired SOL tokens, suggesting optimism among traders around SOL as a long-term investment. According to data, these notable SOL acquisitions were made by only three whales. Lookonchain noted that the whale wallet address “AA21BS” withdrew over 153,511 SOL worth $26.4 million. Another wallet address “EHax,” withdrew 35,498 SOL worth $6.12 million, and the last whale’s wallet address “EGzi,” withdrew 13,000.8 SOL worth $2.3 million. However, these notable withdrawals were made from the Binance and Kraken cryptocurrency exchanges. Solana technical analysis and key levels  As per the data, these significant accumulations followed the breakout retest of a bullish inverted head and shoulders pattern, indicating a positive outlook for SOL holders. Source: TradingView According to AMBCrypto’s technical analysis, SOL appears bullish and is approaching a crucial resistance level of $195. Based on recent price action, there is a strong possibility that SOL could reach the $195 level in the coming days. However, these notable SOL acquisitions and the current sentiment suggest that SOL has the potential to reach its all-time high of $260 level in the coming days. As of now, the 200 Exponential Moving Average (EMA) indicates an uptrend. Mixed on-chain metrics  Despite this positive outlook, SOL on-chain metrics hint at a…

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Filed under: News - @ October 29, 2024 12:22 am