Popular altcoin Solana (SOL), which made a breakthrough around October 2023 and rose above $200, is now around $140.
Solana, which has stood stronger than other altcoins during declines, has been sold regularly since January by a whale.
According to Lookonchain's post, a whale sold 594 thousand SOL worth a total of $86 million in its sales this year.
According to the data, this whale has deposited 594 thousand SOL to Coinbase, Binance and OKX since January 15, while its last sale was made 16 hours ago.
Judging by the dates the whale sold, it seems that the whale did not care much about the level of Solana prices.
A whale sold 594K $SOL ($86M) this year!
Since Jan 15, this whale has deposited 594K $SOL ($86M) to #Coinbase , #Binance , and #OKX , averaging one sale per week.
The last sale was 16 hours ago. https://t.co/v6mJegPKCa pic.twitter.com/5CU24VPvtt
— Lookonchain (@lookonchain) August 13, 2024
Analyst Warns of Possible Decline in Solana!
As the whale is selling SOL regularly, popular analyst Ali Martinez has warned of a potential ‘Head and Shoulders’ pattern in Solana.
Stating that this pattern indicates a possible downward correction, the analyst warned investors that the Solana price could fall further.
“Solana might be forming a head and shoulders pattern on the hourly chart. This could trigger a correction below $141 that could take SOL to $122.”
SOL, which has fallen 1.2% in the last 24 hours, continues to trade at $144.9 at the time of writing.
*Not investment advice
