- A whale withdrew 174,767 SOL ($29.87M) from Binance over four days, staking 174,705 SOL for rewards.
- SOL surged 3.2% to $173.50 post-withdrawal; RSI hit 68, and MACD signaled a bullish crossover.
- On-chain data showed a 15% rise in active addresses, and total staked supply increased by 2% to 72%.
In a significant development within the cryptocurrency market, a notable whale address has transacted 174,767 SOL, valued at nearly $29.87 million, as reported by OnChain Lens on February 21. The substantial withdrawal from Binance over four days underscores ongoing trends in large-scale market movements and investor confidence in Solana.
Lookonchain revealed that a cryptocurrency whale withdrew 174,767 SOL, worth $29.88 million, from Binance within four days. The whale staked the accumulated tokens, signaling strong confidence in Solana’s network. The significant movement could indicate bullish sentiment, influencing market dynamics and potentially impacting SOL’s price trajectory.
On February 21, Lookonchain noted that withdrawals spanned from February 17 to February 20. The final transaction of 100,000 SOL occurred on February 20. The staking of such a massive amount suggests that large holders anticipate a price increase or adopt a long-term investment strategy in Solana’s ecosystem.
Solana Breaks Key Resistance at $170
The whale’s actions had a notable impact on SOL’s price dynamics. Following the withdrawal and staking, SOL’s price surged 3.2%, reaching $173.50 on February 21, up from $168.10. Solana (SOL) is trading at $175.71, up 1.13% in 24 hours, though its trading volume has declined by 28%, per trading view.
From a technical perspective, SOL’s 24-hour chart on February 21 indicated a breakout above the $170 resistance level, which had been tested multiple times the previous week. The Relative Strength Index (RSI) was 68, approaching overbought territory while maintaining a bullish trend. The Moving Average Convergence Divergence (MACD) signaled a bullish crossover on February 20, further supporting positive sentiment.
On-chain metrics revealed a 15% increase in active addresses over the past 24 hours, reaching 120,000. Staking activity also rose, with the total staked supply increasing by 2% to 72%. These trends highlight growing network activity and reinforce investor interest in Solana’s long-term potential.
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