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$41M SOL Sold As Solana (SOL) Struggles To Hold $130, Mpeppe Presale Gains Major Whale Support
Recently, Solana (SOL) has faced significant selling pressure, with $41 million worth of SOL being offloaded by major holders. As Solana (SOL) struggles to maintain its position above $130, a new player in the market, Mpeppe (MPEPE), is gaining traction with strong support from crypto whales during its presale phase. This article delves into the ongoing dynamics of Solana (SOL) and the rising interest in Mpeppe (MPEPE).
The $41 Million Sell-Off: A Blow to Solana (SOL)
Solana (SOL)’s journey through 2024 has been anything but smooth. After reaching impressive highs in previous years, the token has faced a series of setbacks, culminating in a recent sell-off that has raised eyebrows across the crypto community. According to data from Lookonchain, a significant cryptocurrency wallet has liquidated nearly $100 million in Solana (SOL) this year alone.
This wallet, believed to be controlled by an institutional investor, has been steadily selling approximately 19,306 SOL each week, amounting to about $2.76 million weekly.
This steady offloading has put immense pressure on Solana (SOL)’s price, which has struggled to hold above the $130 mark. Despite these sales, the wallet still holds 1.88 million SOL, valued at approximately $237.68 million. The ongoing liquidation suggests that the downward pressure on Solana (SOL) may continue, especially if the broader market remains weak.
Solana (SOL)’s Battle for $130
The recent sell-off is just one of many challenges that Solana (SOL) has faced in 2024. The token has slipped below the $130 mark, marking a 20% decline over the past 11 days. The $125 support level is now under significant pressure, and a failure to hold this critical zone could result in further declines. Analysts warn that Solana (SOL) could slide to the next significant support levels at $110 and $100 if the $125 level is breached.
Adding to the bearish sentiment is the declining development activity on the Solana (SOL) network. Once a hotbed of innovation, Solana (SOL)’s development activity has slowed, and major whales continue to offload their holdings. This combination of technical resistance, decreased development, and whale selling suggests that Solana (SOL) may struggle to regain its footing unless market conditions improve significantly.
Mpeppe: A Promising New Player
While Solana (SOL) faces these challenges, Mpeppe (MPEPE) is emerging as a promising new player in the cryptocurrency market. The meme coin has gained significant attention during its presale phase, with major whale support propelling it to new heights. Unlike Solana (SOL), which has been hampered by market volatility and whale sell-offs, Mpeppe (MPEPE) is benefiting from strong community engagement and a successful presale.
Mpeppe (MPEPE)’s appeal lies in its combination of humor, community-driven growth, and the potential for high returns. As Solana (SOL) holders look for alternative investments to hedge against further losses, many are turning to Mpeppe (MPEPE) as a promising option. The meme coin’s presale has been a major success, with analysts predicting significant upside potential once it officially launches.
Whale Support for Mpeppe
The success of Mpeppe (MPEPE)’s presale can be attributed to the strong support it has received from crypto whales. These large investors have recognized the potential of Mpeppe (MPEPE) as a high-growth asset and have been buying into the presale in significant amounts. This influx of whale support has not only boosted the presale but also positioned Mpeppe (MPEPE) as a strong contender in the meme coin market.
As Solana (SOL) struggles to maintain its position, Mpeppe (MPEPE) is riding a wave of positive sentiment, making it one of the most talked-about new cryptocurrencies in the market. The strong backing from whales and the growing community support suggest that Mpeppe (MPEPE) could be poised for significant growth in the coming months.
Conclusion
The contrasting fortunes of Solana (SOL) and Mpeppe (MPEPE) highlight the dynamic nature of the cryptocurrency market. While Solana (SOL) faces ongoing challenges, including significant sell-offs and declining development activity, Mpeppe (MPEPE) is gaining momentum with strong whale support during its presale. As investors navigate these uncertain times, the decision to hold onto Solana (SOL) or explore new opportunities like Mpeppe (MPEPE) could have a significant impact on their portfolios. With the presale phase nearing completion and strong backing from major investors, Mpeppe (MPEPE) is emerging as a cryptocurrency to watch closely in the coming months.
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Pi Network’s native cryptocurrency Pi Coin price is down by another 15% today, slipping all the way to $0.55 and another 60% surge in daily trading volumes to $477 million. With this, the PI cryptocurrency has extended its weekly losses to more than 33% as investors are losing hope of any recovery to $1. As a result, the community is now pinning hopes on a Coinbase listing for any revival.
Will Pi Network Make Way to Coinbase Anytime Soon?
Although the Pi Network listing on Binance has faced multiple delays, the community is still hopeful for a Coinbase listing. On March 14—Pi Day—Coinbase’s Chief Legal Officer, Paul Grewal, posted a tweet featuring Pi’s logo, stating, “We take Pi Day very seriously at Coinbase.”
A Coinbase listing could provide a major liquidity boost, pumping up the Pi Coin price higher to $1 and beyond. The exchange often considers community engagement when adding new assets, making Pi Network’s 60 million+ user base a strong factor in its favor.
Additionally, such a listing could significantly boost PI cryptocurrency’s adoption in both U.S. and global markets. This would be a historic milestone for the ecosystem, increasing the visibility and accessibility to millions of crypto users worldwide.
While Coinbase stirs speculation, Binance has yet to make any official comments regarding a potential $PI listing.
Pi Coin Price Drop to $0.3 Coming?
As the Pi Coin price continues to lose crucial support levels, analysts are turning pessimistic about it moving ahead. Crypto analyst Moon JEFF has projected that Pi Network price could drop to $0.30 if exchange deposits continue at their current rate.
More than 375 million PI tokens have already moved to exchanges. Moon JEFF notes that with total supply reaching 500 million $PI, the token’s price could stabilize around $0.30. This is similar to our Pi Coin price prediction, which shows that altcoin to trade under $0.40 for the month of April.
A Major Challenge for the Core Team
The Pi Community backlash is growing stronger with every passing day as the altcoin selling pressure increases. Popular community member Dr Altcoin stated: “Pi’s price has been in free fall, hovering around $0.5. If this was the end goal, why did the Pi community wait six years? Pi could have easily reached this value if it had launched in 2022”.
He further stated that major cryptocurrency exchanges are unlikely to list PI crypto unless the Pi Core Team (PCT) provides full transparency regarding its tokenomics. The two major challenges as highlighted by Dr Altcoin, are:
- At current low prices, Pi holders may struggle to engage with decentralized applications (DApps) within the Pi ecosystem.
- If these challenges persist, a significant portion of Pi users could sell off their holdings and migrate to other crypto projects.
The analyst added that the only viable path forward for the Pi Core Team, without relying on major exchange listings, is to burn billions of Pi coins from the Pi Foundation wallets.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana price has extended weekly losses to 14% amid heightened selling pressure for the cryptocurrency. Whale data on Friday revealed that roughly $46M worth of SOL was unstaked and offloaded to exchanges in recent days. The outcome? Crypto market traders and investors are speculating if a recovery is even possible ahead as the broader market faces turmoil amid Trump’s reciprocal tariff announcement.
Solana Price Takes Bearish Turn Amid Rising Whale Dumps, What’s Happening?
As of press time, Solana price traded at $115.91, down slightly over 3% in the past 24 hours. The weekly chart for the crypto showcases a 14% decline, further accompanied by a monthly drop of over 18%. This waning action falls in line with the recent broader market trends and heightened selling pressure for the cryptocurrency.
Data from the tracker Lookonchain suggested that crypto whales are on a SOL dumping spree in tandem with the coin’s slumping action. Notably, 4 wallet addresses collectively unstaked and offloaded $46 million worth of coins in the past 24 hours, per whale data.
Here Are The Addresses & Amounts of SOL Dumped
- ‘HUJBzd’ – $30.3 million worth of coins.
- ‘BnwZvG’ – $9.47 million worth of coins.
- ‘8rWuQ5’ – $3.53 million worth of coins.
- 2UhUo1′ – $3 million worth of coins.
For context, usual market sentiments reflect bearishness in light of such massive dumps as the selling pressure for a crypto increases. Solana’s waning price action has contributed to investors’ cautious outlook toward the coin amid negative market dynamics.
SOL Price Faces Pressure Amid Broader Trends
It’s worth pointing out that SOL is currently facing immense heat due to broader macro trends presenting risk assets with uncertainty. CoinGape recently reported that Bitcoin price saw an offsetting movement with Donald Trump’s reciprocal tariffs commencement. In turn, even the altcoin market mimicked a bearish movement lately.
Another report revealed that BTC price is expected to follow the stock market action in light of the new reciprocal tariffs. Matrixport strongly asserted that the broader crypto market could potentially sustain volatility in the short run as BTC price is expected to mimic stock market movements.
Analyst Forecasts Bullish Outlook Despite Downtrend
However, a crypto market analyst named ‘Brandon Hong’ has conversely highlighted a bullish outlook for Solana price regardless of the broader turmoil. The analyst recently posted on X, stating, “SOL is about to have its biggest breakout ever.”
This bullish anticipation rides the back of the coin about to break its 400-day range. “Buy now or regret later,” the analyst concluded, sparking contrary speculations. Crypto market participants continue to extensively eye the token for price action shifts amid uncertain dynamics.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
While predictions for Cardano to $1 may seem like a far cry, a cryptocurrency expert has injected new life into the claims. Cardano’s price is headed below 50 cents in search of a new support zone that can serve as a springboard to reach new highs.
Cardano Price Can Still Clinch $1 Despite Price Slump
Market technician Jonathan Carter in an analysis on X predicts that Cardano’s price can reclaim the $1 price point in the coming months. According to Carter, the recent ADA correction will not be a hindrance for Cardano’s price to reach $1.
ADA has lost a jarring 13% over the last week and trades at $0.64 in an unremarkable week for the cryptocurrency. On the daily charts, prices have generally moved sideways, underscoring a lack of investor enthusiasm.
For Carter, Cardano’s recent decline has seen it fail to stay above the $0.65 support level. The analyst opined that a downtrend is the offing for the Cardano price that could see a new support zone of $0.59. Carter says the new $0.59 support zone will hurl Cardano price to reach $1.
“Despite the long correction, the price still has a chance to bounce off this support and rise towards $1,” said Carter. “Otherwise, we will fall to the lower border of the broadening wedge.”
While some investors are eyeing an ADA bounce to $0.70, a plausible play will be a slump below $0.60 before the start of a rally.
A Slew Of Positives For ADA
Despite the pervading negative sentiment around ADA price, the cryptocurrency has a wave of positive fundamentals going for it. Cardano price spiked following Charles Hoskinson’s confirmation of Ripple’s RLUSD on ADA.
Furthermore, Charles Hoskinson reveals that Cardano will play a major role in Bitcoin decentralized finance (DeFi) application. In more positive technicals, Cardano price is forming a cyclical pattern from 2024 that can send prices to astronomical proportions in May.
While the prediction pegged prices at $2.5, optimists say ADA price to $10 is not a crazy hypothesis. The report cites present solid fundamentals and ADA’s over 1,000% spike to set its all-time high back in 2021 as pointers for the seismic rally to $10.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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