Data shows that whales are sending large amounts of SOL to the Coinbase exchange. This move solana It happened after the coin fell below the $200 level.
According to data from Whale Alert, four whale addresses sent a total of 806,711 SOL tokens to Coinbase today—worth $158.86 million at press time.
SOL increased by 0.14% in the last 24 hours. Additionally, it is trading at $197 at the time of writing. The asset’s market cap is $87.6 billion, slightly above BNB’s market cap of $87.4 billion. Solana’s daily trading volume increased by 45%, reaching $3.1 billion.
According to data provided by Santiment, Solana’s total open interest (OI) increased by $120 million in the past day, from $2.36 billion to $2.48 billion. Higher OI generally leads to higher price volatility. Because liquidations can occur at any time.
The amount of traders betting on further price increases for SOL also decreased. According to Santiment, the total funding rate raised by SOL decreased from 0.06% to 0.05% in the last 24 hours.
This shows that the amount of short trading contracts has increased slightly.
On the other hand, Santiment data shows that the SOL Relative Strength Index (RSI) fell to 53 for the first time since February 28. The indicator suggests that the heat around Solana is cooling and the asset could potentially enter another accumulation phase.
For Solana to maintain its bullish momentum, the RSI must remain below the 60 level.
