A Solana (SOL) whale lately moved 1.6 million tokens because the asset slips into the checklist of trending crypto belongings amid an enormous 52% enhance over the previous 30 days.
In accordance with whale-tracking platform Whale Alert, the funds have been value $50.39 million on the time of the motion. On-chain information confirms that the transaction occurred as we speak at 06:01 (UTC) and concerned two unidentified Solana wallets.
The switch has triggered blended reactions, particularly contemplating the restricted data surrounding it. Whereas some market watchers posit it may signify an try at selloff amid the latest worth surge, others speculate the motion may very well be geared in direction of self-custody.
Solana surges 52% in 30 days
The substantial whale motion coincides with a positive interval for Solana, because it rides on the latest market-wide upsurge to increase a rally that started in late September.
![Whale moves 1.6m worth of Solana as asset hits top trending list - 1](https://crypto.news/app/uploads/2023/10/SOL-price-Oct-23.png)
Apparently, Solana’s latest uptick began on Sept. 27 when it modified palms at $19.01. The asset recorded 4 consecutive days of huge good points, skyrocketing to $24.46 on Oct. 1 earlier than dealing with resistance. Amid an ensuing correction, SOL plummeted to $20.97 on Oct. 12 earlier than staging a comeback.
This comeback acquired power and bullishness within the broader market. Solana has continued to document greater highs and better lows since Oct. 12, ultimately sealing a spot among the many largest gainers, with a 52.21% enhance over the previous 30 days. For context, Bitcoin (BTC) is barely up 15% in the identical timeframe.
Solana’s good fortunes have been bolstered on Oct. 20 when the asset noticed a golden cross, with the 50-day EMA crossing above the 200-day EMA on the every day timeframe. SOL is now above each EMAs, signaling bullish momentum within the brief and lengthy phrases.
In the meantime, the asset’s spectacular actions haven’t gone unnoticed within the crypto neighborhood, with social mentions rising quickly over the previous 24 hours. CMC information signifies that Solana secures third on the highest trending checklist, solely behind BTC and Chainlink (LINK).
Solana is buying and selling at a 3-month excessive of $29.6, aiming to solidify its place above the $30 psychological resistance. The asset has gained 29% over the previous week, with an enormous $12.36 billion in 24-hour buying and selling quantity.