Amid the ongoing market decline, Solana (SOL) is gaining attention from crypto enthusiasts due to its current price action on the daily time frame. On January 29, 2024, the blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale had moved a significant 220,308 SOL worth $52 million.
Crypto Whale Moves $52 Million of SOL
This substantial amount of SOL was transferred from the cryptocurrency exchange Bitfinex following the opening bell of the United States market. However, analysts and experts view this transaction as an accumulation by the whale as the asset experiences a significant price decline.
When combining these on-chain metrics, it appears that potential long-term holders are accumulating, taking advantage of the current price decline. Meanwhile, intraday traders seem to be capitalizing on the prevailing market sentiment, leading to notable bets on short positions.
$100 Million Worth of SOL’s Short Positions
The current market sentiment appears to be bearish, with short-sellers holding over $100 million worth of bets on short positions at $235.
Meanwhile, bulls seem exhausted, holding only $40 million in long positions at the $215 level, which could be easily liquidated if the sentiment remains unchanged and prices continue to decline.
Read the full article here
