{"id":606609,"date":"2024-05-05T15:30:48","date_gmt":"2024-05-05T15:30:48","guid":{"rendered":"https:\/\/ktsl888.com\/?p=606609"},"modified":"2024-05-05T09:48:27","modified_gmt":"2024-05-05T09:48:27","slug":"why-did-the-solana-sol-price-jump-today","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/solana\/why-did-the-solana-sol-price-jump-today\/","title":{"rendered":"Why Did The Solana (SOL) Price Jump Today?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Solana (SOL) is currently up by 4% after jumping from $142 to $148 in the past 24 hours. Interestingly, <\/span><a href=\"https:\/\/ktsl888.com\/news\/solana\/solana-projected-to-reach-500-this-year-despite-market-meltdown-expert-predicts\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Solana <\/span><\/a><span style=\"font-weight: 400\">has made a 23% gain from $119.56 since May 1 and could hold on to sustain this price increase steadily for the rest of the month. On-chain data has revealed behind the scenes that some whales are accumulating and transferring SOL tokens which reflects some intuition of bullishness surrounding the cryptocurrency.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/whales-dive-in-but-dogecoin-price-sinks-20-whats-going-on\/\" target=\"_blank\" rel=\"noopener \">Whales Dive In, But Dogecoin Price Sinks 20%: What\u2019s Going On?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Particularly, on-chain data from whale transaction tracker Whale Alert has revealed the movement of 267,077 SOL worth $38.6 million from crypto exchange Binance into an unknown wallet in the past 24 hours. Another notable transfer was the movement of 11 million SOL worth $1.6 billion from a private wallet address to another private wallet address.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udea8 \ud83d\udea8 267,077 <a href=\"https:\/\/twitter.com\/hashtag\/SOL?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#SOL<\/a> (38,637,899 USD) transferred from <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Binance<\/a> to unknown wallet<a href=\"https:\/\/t.co\/ggx8BMqNhj\" rel=\"nofollow\">https:\/\/t.co\/ggx8BMqNhj<\/a><\/p>\n<p>\u2014 Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/80694537?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 4, 2024<\/a><\/p><\/blockquote>\n<h2><b>Solana Whale Movement<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Whale transfers are very common in the crypto industry. They are of different types and they generally tend to shift the sentiment among crypto traders. Whale transfers from exchanges into private addresses could indicate whales are holding onto their assets in anticipation of a price surge. <\/span><\/p>\n<p><span style=\"font-weight: 400\">On the other hand, transfers from private wallets into crypto exchanges most likely mean a selloff, which could increase selling pressure on these exchanges. A third type of whale transfer is between two private wallets, which could be for a various number of reasons.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The recent transfer of 11 million SOL falls into the third category of whale movement. A further look into on-chain transaction data shows that the transfer was made between two stake addresses. <\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/www.tradingview.com\/x\/W62oXjtp\/\" width=\"1835\" height=\"883\"><\/p>\n<pre style=\"text-align: center\">Solana is currently trading at $145.94. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<p><span style=\"font-weight: 400\">Consequently, the <\/span><a href=\"https:\/\/solana.fm\/address\/14zXDgVeZ9BXjey5q3reA2R3WnR2ZvPMt1V5fEUPwJH\/transactions\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">tokens are locked up<\/span><\/a><span style=\"font-weight: 400\"> and inactive at the moment. As of now, their movement is likely going to have little to no effect on the price of Solana.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 11,000,000 <a href=\"https:\/\/twitter.com\/hashtag\/SOL?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#SOL<\/a> (1,624,618,110 USD) transferred from unknown wallet to unknown new wallet<a href=\"https:\/\/t.co\/pEVupwwe5w\" rel=\"nofollow\">https:\/\/t.co\/pEVupwwe5w<\/a><\/p>\n<p>\u2014 Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/66116303?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 4, 2024<\/a><\/p><\/blockquote>\n<h2><strong>Whale Accumulates Solana<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">On the other hand, private wallet &#8220;8NWAHM&#8221; <\/span><a href=\"https:\/\/solana.fm\/address\/8NWAHM3WWmML9qosv8RJ3qCjw1a3t7iNJN8okSujkxzt\/transactions\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">has been accumulating<\/span><\/a><span style=\"font-weight: 400\"> SOL in the past 24 hours. While Whale Alert only noted an interesting transfer of 267,077 SOL worth $38.6 million into the address, a closer look into this wallet address shows this is the second major inflow into the address in the past 24 hours. <\/span><\/p>\n<p><span style=\"font-weight: 400\">In an earlier transaction, 49,999 SOL worth $7.23 million made their way from crypto exchange Binance into the wallet address.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/is-matic-poised-for-takeoff-key-area-breaks-records-fueling-bullish-outlook\/\" target=\"_blank\" rel=\"noopener \">Is MATIC Poised For Takeoff? Key Area Breaks Records, Fueling Bullish Outlook<\/a><\/div>\n<p><span style=\"font-weight: 400\">This whale seems to be positioning itself for a price surge in the coming weeks, and the accumulation has, in turn, contributed to buying pressure for SOL.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, <\/span><a href=\"https:\/\/ktsl888.com\/analysis\/sol-price-pops-140\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Solana is trading<\/span><\/a><span style=\"font-weight: 400\"> at $145. Despite the 24-hour price gains, Solana is still experiencing a 20% correction in a 30-day timeframe. However, the cryptocurrency could <\/span><a href=\"https:\/\/ktsl888.com\/news\/solana\/solana-projected-to-reach-500-this-year-despite-market-meltdown-expert-predicts\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">continue this price uptick<\/span><\/a><span style=\"font-weight: 400\"> and eventually break above $200 again in May.\u00a0<\/span><\/p>\n<p><em>Featured image from Pixabay, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana (SOL) is currently up by 4% after jumping from $142 to $148 in the past 24 hours. Interestingly, Solana has made a 23% gain from $119.56 since May 1 and could hold on to sustain this price increase steadily for the rest of the month. On-chain data has revealed behind the scenes that some whales are accumulating and transferring SOL tokens which reflects some intuition of bullishness surrounding the cryptocurrency.\u00a0 Related Reading: Whales Dive In, But Dogecoin Price Sinks 20%: What\u2019s Going On? Particularly, on-chain data from whale transaction tracker Whale Alert has revealed the movement of 267,077 SOL worth $38.6 million from crypto exchange Binance into an unknown wallet in the past 24 hours. Another notable transfer was the movement of 11 million SOL worth $1.6 billion from a private wallet address to another private wallet address. \ud83d\udea8 \ud83d\udea8 267,077 #SOL (38,637,899 USD) transferred from #Binance to unknown wallethttps:\/\/t.co\/ggx8BMqNhj \u2014 Whale Alert (@whale_alert) May 4, 2024 Solana Whale Movement Whale transfers are very common in the crypto industry. They are of different types and they generally tend to shift the sentiment among crypto traders. Whale transfers from exchanges into private addresses could indicate whales are holding onto their assets in anticipation of a price surge. On the other hand, transfers from private wallets into crypto exchanges most likely mean a selloff, which could increase selling pressure on these exchanges. A third type of whale transfer is between two private wallets, which could be for a various number of reasons. The recent transfer of 11 million SOL falls into the third category of whale movement. A further look into on-chain transaction data shows that the transfer was made between two stake addresses. Solana is currently trading at $145.94. Chart: TradingView Consequently, the tokens are locked up and inactive at the moment. As of now, their movement is likely going to have little to no effect on the price of Solana.\u00a0 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 11,000,000 #SOL (1,624,618,110 USD) transferred from unknown wallet to unknown new wallethttps:\/\/t.co\/pEVupwwe5w \u2014 Whale Alert (@whale_alert) May 4, 2024 Whale Accumulates Solana On the other hand, private wallet &#8220;8NWAHM&#8221; has been accumulating SOL in the past 24 hours. While Whale Alert only noted an interesting transfer of 267,077 SOL worth $38.6 million into the address, a closer look into this wallet address shows this is the second major inflow into the address in the past 24 hours. In an earlier transaction, 49,999 SOL worth $7.23 million made their way from crypto exchange Binance into the wallet address.\u00a0 Related Reading: Is MATIC Poised For Takeoff? Key Area Breaks Records, Fueling Bullish Outlook This whale seems to be positioning itself for a price surge in the coming weeks, and the accumulation has, in turn, contributed to buying pressure for SOL.\u00a0 At the time of writing, Solana is trading at $145. Despite the 24-hour price gains, Solana is still experiencing a 20% correction in a 30-day timeframe. However, the cryptocurrency could continue this price uptick and eventually break above $200 again in May.\u00a0 Featured image from Pixabay, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":606618,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[142,3505,83626,14896],"class_list":["post-606609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-altcoins","tag-price-analysis","tag-solana","tag-whale"],"acf":[],"yoast_head":"\n<title>Why Did The Solana Price Jump Today?<\/title>\n<meta name=\"description\" content=\"Solana (SOL) is currently up by 4% after jumping from $142 to $148 in the past 24 hours. 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