The Solana Price on Friday reduced a multi-maiden, which stabilized before a whale to buy a dip.
Solana (Sol) fell down from its highest point this year, down at $ 126.15, and then bounced back to $ 145.
A factor behind the recovery was a whale shopping on Friday, indicating confidence in a possible bounce. According to Lukanchen, Whale initially withdrew a Solana worth $ 12 million from the Benance and stake it. Later in the day, the same whale carried out two more similar transactions, causing the cumulative purchase to $ 14 million.
This purchase was notable as they were $ 1.75 billion Solan tokens a day before the unlock. A token unlock is generally a slowdown as it increases circulating supply, dilasing existing holdings.
Time also coincides with widespread concerns about the future of Solana, especially in its ecosystem, there were significant damage after meme coins. Market Cap of all Solana Mem coins It has exceeded $ 25 billion in January, today it has increased to $ 8.9 billion. The official Trump (Trump) market cap has come down from $ 15 billion to $ 2.5 billion.
The total value of Solana has been locked, which has been $ 5.38 billion below the year-over year high $ 9.35 billion. Similarly, the weekly decentralized exchange volume on the network has fallen by 20% to $ 17 billion.
Solana’s recovery also aligned with a modest rebound in the US equity. Dow Jones scored 200 points, while S&P 500 and Nasdaq 100 scored 30 and 72 marks respectively.
Solana price analysis
Solana reached $ 295 earlier this year before falling to $ 126.15, its lowest level since 6 September. It fell below the significant $ 170 support level, marking the lowest swing on 13 January, as well as a double-top pattern neckline-one pattern at $ 265 often considered a recession signal.
Solana is now approaching a death cross, where 50-day and 200-day moving average flip, which can further give negative indication. If this trend continues, bears can target $ 126 less, followed by psychological support at $ 100.
On the other hand, there is a chance that Solan tokens can rebound after unlock. This will be the reverse of the specific “buying rumors, sell the news” landscape, possibly pushing Sol towards $ 170 resistance.
