Solana Surges 9%: Whales Propel the Upward Momentum

Significantly more Solana [SOL] whale transactions have occurred recently. Data indicated that a sizable portion of the tokens were being moved to exchanges. Given this recent behaviour, is it feasible that SOL’s profits would gradually decline?

Solana Surges 9%: Whales Propel the Upward Momentum
Source: Zipmex

Trade tokens to exchanges using whales

Whale Alert revealed two significant Solana trades on November 12th, each worth more over $30 million. In the initial transaction, 325,222 SOL—worth more than $18.6 million—were transferred to the Binance [BNB] market.

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More than $11.5 million worth of tokens, totaling 199,998, were sent to the Coinbase [COIN] market in the second transfer.

These transfers indicate that large wallets are systematically transferring assets to exchanges in an attempt to profit from the current market trend.

Solana Surges 9%: Whales Propel the Upward Momentum,Solana Surges 9%: Whales Propel the Upward Momentum

Solana’s volume responds to huge transactions

AMBCrypto’s review of Solana’s volume chart shows that November had record-breaking volumes. Notably, daily volumes have eclipsed historical levels recorded throughout the year.

On the 11th of November, the volume reached $4.46 billion, marking the second-highest volume for the year. As of this writing, the volume was around $4.46 billion, and by the conclusion of the trading day, it might be much higher.

Bets all on Solana’s ascent

At the time of publishing, Coinglass statistics showed that Solana was seeing its greatest Open Interest (OI) volume of the year. An examination of the chart revealed that OI has been steadily rising since the start of November. It has surpassed $760 million as of this writing.

Furthermore, SOL didn’t have such a large OI volume until about May 2022. The increase in OI showed that traders were aggressively taking on new positions, indicating a capital influx into Solana.

Furthermore, Solana had its greatest positive funding rate of the year on November 12th, at 0.07%. This suggested that traders have high hopes for the price to continue rising. Traders are now taking long positions as a result.

Increased market interest was shown by both rising Open Interest and a positive financing rate. It also conveyed assurance about Solana’s ability to achieve more success.

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How responded SOL?

According to AMBCrypto’s investigation, Solana was generating significant amounts of revenue on a daily basis. It was selling at about $59, up about 6% as of the time of writing. The noteworthy improvements are highlighted by the fact that this pricing point has not been attained in more than a year.

At the time of writing, the Relative Strength Index (RSI) was also over 80, indicating a robust bull trend. The idea of a bullish rise was further reinforced by the Moving Average Convergence Divergence (MACD), which was going above zero.

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