Whale Unstakings and Negative Funding Rate Signal Bearish Sentiment for SOL
Solana (SOL) Update
- A whale unstaked 11,445 SOL, worth $2.01 million, depositing it into Binance. This move generated a profit of $2.94 million.
- The whale previously withdrew 30,000 SOL valued at $2.95 million and converted it to JitoSOL; they still hold 18,290 JitoSOL, currently valued at $3.87 million.
- Glassnode data shows SOL has a negative funding rate of -0.0002%, indicating emerging bearish sentiment in the derivatives market.
- Technical analysis reveals SOL is near key Fibonacci levels: support around $157.18 and resistance at $185.29. A sustained price above $185 could lead towards $208 and $230.
- The MACD indicates a bullish crossover, but the rising wedge pattern suggests potential downward movement if SOL fails to hold above $170-$175.
- If SOL drops below $157, it may revisit the $120 support level.
Overall, while there are signs of profit-taking and bearish pressure, long-term positions remain intact for some investors.