According to the information from Lookonchain, recent activities reveal that whales are significantly accumulating $SOL. Over the past six days, a prominent whale identified as AA21…VxH9 withdrew 153,511 $SOL, valued at approximately $26.4 million, from Binance and subsequently staked it.
Another whale, EHax…gAUa, has also made moves, withdrawing 35,498 $SOL (around $6.12 million) from both Binance and Kraken in just three days, followed by staking.
Whales are accumulating $SOL!
— Lookonchain (@lookonchain) October 27, 2024
AA21…VxH9 withdrew 153,511 $SOL($26.4M) from #Binance in the past 6 days and staked it.
EHax…gAUa withdrew 35,498 $SOL($6.12M) from #Binance and #Kraken in the past 3 days and staked it.
EGzi…mR7g withdrew 13,000.8 $SOL($2.3M) from #Binance… pic.twitter.com/pfd24qTuSy
Additionally, EGzi…mR7g withdrew 13,000.8 $SOL (about $2.3 million) from Binance just an hour ago, currently holding a total of 95,651 $SOL worth approximately $16.83 million.
Solana Price Nears Major Breakout
The price of Solana has been trading below a descending trendline since March, repeatedly testing this line as resistance while finding support around the $120 mark. As the price approaches the trendline resistance once more, a breakout at this level could potentially initiate a significant rally toward the all-time high.
Read More: Analyst Explains Why Litecoin Could Rally Past $420 This Cycle: LTC Price Analysis
This scenario likely explains the increased accumulation of SOL by whales, who seem eager to capitalize on the potential upward movement.
Moreover, the Relative Strength Index (RSI) currently stands at 64, indicating that there is still some room for the price to rise before reaching overbought territory. The RSI-based moving average is positioned at 63, which could serve as a support level in the event of any price retracements.
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