Solana Price Dips 2.1% Despite Whale Accumulation and Record Daily Active Addresses Surge

The Solana price plunged by 2.1% in the last 24 hours to trade at $132 as of 4:39 a.m. EST on an 18% decrease in trading volume to $2.3 billion. The market cap is now at $61 billion.

According to Santiment data, Solana recently ranked fourth among the top trending assets. During this period, the network has seen a significant increase in daily active addresses (DAA), capturing the attention of its community. Amid the excitement, a whale was observed accumulating 61,000 SOL coins, capitalizing on the growing hype and betting heavily on Solana’s future.

This large purchase, first reported by blockchain transaction tracking service Lookonchain, involved the whale acquiring exactly 60,983 SOL over the past 48 hours, valued at around $8.4 million. Transaction details on Solscan show that this whale has been steadily accumulating SOL from exchanges like Binance and MEXC over the last 11 days.

Beyond purchasing, the whale has also staked a substantial amount of Solana. According to the data, they have staked 115,135 SOL, worth $15.3 million, to earn rewards while holding the asset. Such large-scale accumulation is often viewed as a bullish signal, potentially encouraging other investors to buy in, anticipating a price rally.

According to data from Artemis Terminal, Solana hit an all-time high of 5.4 million daily active addresses (DAA) on September 9. The surge began on September 6 when DAA reached 4.6 million, then dipped to 4 million and 2.8 million on September 7 and 8, before returning to its record level.

Solana Statistics

• Solana price: $132
• Market cap: $61 billion
• Trading volume: $2.3 billion
• Circulating supply: 467 million
• Total supply: 584 million

Solana Price Bears Prepare for Bearish Trend

The Solana price has recently experienced contradicting forces caused by the bulls and bears. This outcome has led to the forming of a descending triangle pattern, which suggests the probability of a bearish trend occurring. The bears are seen to support this probability as they have regained power over the solana price after reaching the $161.6383 resistance level. 

The Solana price currently trades below the 200-day and 50-day simple moving average (SMA). These SMAs now act as key resistance levels, positively supporting the probability of a bearish rally. The bears remain in control as long as Solana’s price stays below the 50-day and 200-day SMAs.

The relative strength index (RSI) also strongly suggests a high probability of a bearish outlook. The RSI is currently at 43.88, flowing towards the 30 oversold level. As long as the bears continue to control the Solana price, the RSI might be able to reach and cross below this level. When the RSI crosses below this level, it will highly favor the sellers’ side.

The moving average convergence divergence (MACD) also supports the likelihood of a bearish outlook. The green histogram bars are decreasing in size and number. On the other hand, the orange signal line crosses above the blue line of MACD, indicating that the bears are still in charge of the Solana price.

If the bears continue to dominate, the RSI might cross below the 30-oversold level. The bears will aim to drop the Solana price to $47.22. However, if the bulls regain momentum, they will retrace the price to the $161.6383 resistance level, favoring the buyers.