$SOL is once again leading the market recovery among the top 10 cryptocurrencies by market cap, having surged 10% in the last 60 minutes.
The price of Solana has shown strong signs of recovery, forming a “W” pattern on lower time frames. A sustained close above $125 could see $SOL rebound to $142, providing a potential boost for investors.
🚨JUST IN: $SOL is once again leading the market recovery amongst the top 10 coins by market cap. up 10% in the last 60 Minutes. pic.twitter.com/ipIpWvjH0E
— SolanaFloor (@SolanaFloor) August 5, 2024
According to Solscan, a significant whale activity has been observed. Since July 16, a whale identified by the address 9dZAPP…dnzAz3 has withdrawn a total of 1.035 million SOL, worth about $120 million, from multiple validators including Cogent Crypto, Block Logic, and LunaNova, and transferred all of them to Coinbase Prime.
The identity of this whale remains unknown, adding an element of mystery to the significant market movements.
According to Solscan, since July 16, a SOL whale: 9dZAPP…dnzAz3 has withdrawn a total of 1.035 million SOL (worth about $120 million) from multiple validators including Cogent Crypto, Block Logic, and LunaNova, and transferred all of them to Coinbase Prime. The identity of the…
— Wu Blockchain (@WuBlockchain) August 5, 2024
Amid the broader crypto market crash, Solana-based Kamino Finance has seen notable activity. The platform experienced 6,000 liquidations without any bad debt reported, handling over $4 million worth of collateral liquidated. Notably, there were no liquidations on the JLP market or SOL positions, showcasing the robustness of the platform under severe stress tests.
🚨 REPORT: Amid the crypto market crash, Solana-based @KaminoFinance saw significant activity.
– 6,000 liquidations
– no bad dept reported
– $4m+ worth of collateral liquidated
– No liquidations on the JLP market or SOL positionsTransactions were processed smoothly despite… pic.twitter.com/MLj9dl36H9
— SolanaFloor (@SolanaFloor) August 5, 2024
The transactions on Kamino Finance were processed smoothly, even under the intense pressure of market conditions. This performance highlights the resilience and efficiency of Solana’s network and its associated DeFi platforms during turbulent times.
Solana’s impressive market recovery and the whale’s significant movements underscore the potential and volatility of the cryptocurrency. As the market watches closely, a close above $125 could signal further bullish momentum, potentially driving $SOL towards $142.
#Solana appears to form a "W" pattern on the lower time frames. A sustained close above $125 could see $SOL rebound to $142.
I'm placing my stop-loss at $117! pic.twitter.com/OV73sXsgZK
— Ali (@ali_charts) August 5, 2024
For investors, the recent developments and whale activities provide critical insights into the dynamics of the Solana market, reinforcing the importance of staying informed and vigilant in the ever-evolving crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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