- The current centralized banking crisis has been favorable for cryptocurrencies.
- A large amount of SOL has been transferred to Coinbase by an anonymous whale.
- Crypto traders are predicting a pump in the price of SOL.
The Solana blockchain network has seen a bullish reversal after its native cryptocurrency SOL has struggled to reclaim $20 over the past seven days.
The cryptocurrency market has been in favorable territory after the collapse of Silicon Valley Bank (SVB), Silvergate, and Signature Bank. These centralized banks gained a reputation for being among the most crypto-friendly financial institutions in the U.S.
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The crisis has resulted in an uptick in the crypto market, with the majority of the top ten cryptocurrencies flipping into an upward trajectory over the past week.
Solana (SOL) struggled to reclaim $20 until March 12th, 2023 but has since assumed an inclining trend on the seven-day price chart as an effect of whale activity and a change in market sentiment.
Bullish on SOL?
On March 13th, cryptocurrency transaction tracker service Whale Alert revealed that a whopping 537,352 SOL (worth approximately $10.5 million at the time of writing) was transferred from an unknown wallet to the Coinbase centralized exchange (CEX).
Although the anonymous whale transferred a significant amount of SOL to a centralized exchange, it appears that the chunk has not been sold off, as there is no reflection of a significant withdrawal on the price chart.
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Crypto trader Kar Crypto has shared an analysis of the price of SOL, claiming that the cryptocurrency is entering a “Bullish “Deep Crab” harmonic pattern” and predicting that SOL is on its way to a 10% pump.
Furthermore, Solana is nearing the end of its current Grizzlython Hackathon, wherein community members compete for cash prizes of $10,000 by building mobile-first Web3 projects.
The community has been active on Crypto Twitter amidst the current upward trend in the price of SOL, with the Grizzlython Hackathon accumulating close to 53,000 views in the first ten hours after its publication.
SOL Retraced
Amidst the border crypto market corrections, the price of SOL had retraced from its recent one-month low on March 10th, when the token opened at $16.48, peaked at $16.55, and dipped to $16.01.
Considering some factors attributed to the 4.66% incline on the one-month price chart, it appears that the market sentiment for SOL has become noticeable in its price.
At the time of writing, SOL is trading at $20.48, recording a notable 45.48% increase from its three-month low of $9.32 on December 9th, 2022.
Three-month Price Chart for Solana. Source: Messari
To contextualize SOL’s positioning compared to the top cryptocurrencies, the past seven days have seen Bitcoin (BTC) increasing 10.43%, and Ethereum (ETH) is up 7.68% in the same timeframe.
Some community members are optimistic that Solana will reclaim a spot amongst the top ten cryptocurrencies by market capitalization, wherein it is currently assuming the #11 rank, according to CoinMarketCap.
On the Flipside
- Solana has suffered numerous outages affecting the market sentiment and confidence in the network’s reliability.
Why You Should Care
The recent retracement in the price of SOL suggests that the Solana network is gaining traction against Binance (BUSD) for the #10 rank by market capitalization. A significant uptick in market cap would place Solana just below Dogecoin (DOGE).
Read more about the founder of Solana (SOL):
Anatoly Yakovenko: The Founder of Solana
Read about recent developments on Cardano:
Cardano (ADA) Climbs to $0.34 Amidst DJED & Hoskinson Action
