In the midst of the continuous fall in the market, Solana (SOL) receives attention from crypto enthusiasts because of the current price action on the daily period. On January 29, 2024, the blockchain-based transaction tracker Whale Alert on X (formerly Twitter) placed that a crypto-walvis had moved a significant 220,308 Sol worth $ 52 million.
Crypto whale moves $ 52 million Sol
This substantial amount of SOL was transferred from the cryptocurrency Exchange Bitfinex after the opening bell of the American market. However, analysts and experts consider this transaction as an accumulation through whale when it is actively experiencing a considerable fall in price.
Despite the potential accumulation of the whale, the price of SOL has continued its downward process and is struggling almost $ 227 with a decrease of 2.56% in the last 24 hours. According to data on Coinglass chains, the sentiment among traders is strong Bearish, with a long/short ratio of 0.77. This indicates that 57% of top traders hold short positions compared to 43% with long positions.
The strong bearish sentiment from traders
Not only did the participation decrease, but intraday traders also seem to bet on the short side, as revealed by the unchain analysis company Coinglass.
At the time of the press, the long/short ratio of SOL is 0.77, which indicates a strong bearish sentiment at traders. Further data shows that 57% of the Top Solana traders hold short positions, while 43% held long positions.
When combining these on-chain statistics, it seems that potential holders accumulate in the long term, making use of the current price decrease. In the meantime, intraday traders seem to benefit from the prevailing market sentiment, which leads to remarkable bets on short positions.
$ 100 million in sol’s short positions
The current market sentiment seems to be Beararish, with short-sellers with more than $ 100 million in bets on short positions at $ 235.
In the meantime, Bulls seem exhausted and they only have $ 40 million in long positions at the level of $ 215, which can easily be liquidated if sentiment remains unchanged and prices continue to fall.
Credit : coinpedia.org
