Key Points
- Whale accounts have transferred a significant amount of Solana (SOL) to Coinbase as its price falls below $200.
- Solana’s market cap is slightly above BNB’s, and its daily trading volume has surged by 45%.
Data indicates that several large Solana (SOL) holders have moved a substantial number of tokens to the Coinbase exchange. This comes as the value of the asset dips under the $200 threshold.
According to Whale Alert, four major accounts transferred a combined total of 806,711 SOL tokens to Coinbase. At the time of the transfer, these tokens were valued at $158.86 million. The transfer took place around 09:00 UTC on April 1.
Solana’s Market Performance
This large-scale movement of Solana tokens coincides with a drop in the asset’s price, which has fallen below $200 amid bearish market sentiment.
At the time of writing, SOL has seen a modest increase of 0.14% over the past 24 hours and is currently trading at $197. The market cap of the asset is $87.6 billion, slightly higher than BNB’s market cap of $87.4 billion. Solana’s daily trading volume experienced a significant 45% increase, reaching $3.1 billion.
Solana’s price briefly peaked at $204 at 01:35 UTC on April 1, marking its highest value in two weeks.
Market Indicators and Predictions
Data from Santiment shows that Solana’s total open interest (OI) rose by $120 million in a single day, going from $2.36 billion to $2.48 billion. A higher OI often leads to increased price volatility, as liquidations can occur at any moment.
The number of traders anticipating a further increase in SOL’s price has decreased slightly. According to Santiment, Solana’s total funding rate dropped from 0.06% to 0.05% within 24 hours. This suggests a slight rise in short trading contracts.
Meanwhile, Santiment’s data indicates that Solana’s Relative Strength Index (RSI) dropped to 53 for the first time since February 28. This suggests that the hype surrounding Solana has reduced, and the asset might enter another accumulation phase. To maintain its bullish momentum, Solana’s RSI would need to remain below 60.
