During the continuous market decline, SOLANA (SOL) is attracting attention from cryptocians with the current price action in the daily time frame. On January 29, 2024, the blockchain -based transaction tracker whale alert was published in X (previous Twitter), and the crypto whale moved 220,308 SOL, worth $ 52 million.
Crypto Whale moves $ 52 million SOL
This considerable amount of SOL has been transferred from the cryptocurrency exchange Bitfinex following the opening bell in the US market. However, analysts and experts consider this transaction to accumulate whales to accumulate whales in order to experience a significant price decline in assets.
Despite the possibility of the accumulation of whales, Sol’s price has continued to be downward and has been struggling by nearly $ 227 in the past 24 hours. According to coinglass on -fin data, the emotions between traders are strongly weakened, and the long/short ratio is 0.77. This indicates that 57 % of top traders have a short position, but compared to 43 % of long positions.
Strong and weak feeling of trader
However, the number of participation has not decreased, and it seems that the daytime traders are also betting on a short side, as COINGLASS, the Oncheen analysis company, has said.
In the press time, the long/short ratio of SOL is 0.77, which shows a strong bear sentiment among traders. Further data states that 57 % of the top Solana trader holds a short position and 43 % has a long position.
Source: Coinglass
Combining these on -fin metrics, it seems that potential long -term holders are accumulating and use the current price decline. On the other hand, daytime traders seem to use general market emotions, leading to a remarkable bet on short positions.
Short position of Sol equivalent to $ 100 million
The current market sentiment seems to be bearish, and the shortsellers hold a bet of $ 100 million for $ 235.
Source: Coinglass
On the other hand, the Bulls seem to be exhausted and keeps $ 40 million in a long position at a level of $ 215. This may be easily liquidated if your emotions are not changed and the price is lowered.
