- Zachxbt transferred 16,348.95 SOL to Wintermute, suggesting an OTC sale, driving Solana liquidity near $18M.
- SOL peaked at $258.89, supported by bullish indicators; RSI at 55.52 points to steady momentum.
- Whale Alert reported an $80M SOL move to Coinbase, highlighting intensified buying pressure amid market activity.
On January 21, pseudonymous crypto investigator Zachxbt transferred 16,348.95 SOL, valued at $3.89 million, to Wintermute.
According to on-chain data, this move may suggest an over-the-counter (OTC) sale of SOL acquired from trading $ZACHXBT. Additional transfers reported on the same day included 34,095 SOL ($8.18 million), raising the total liquidity attributed to Zachxbt to approximately $18 million.
A transaction involving the purchase of 4.1% of $ZACHXBT with 7,000 SOL ($1.65 million) further increased substantial activity, contributing to a rapid market cap surge to $60 million within two hours of launch. On January 22nd, at press time, Solana traded at $252.77, a 6.27% increase over the past 24 hours.
SOL’s Current Market Levels
In the last four hours, SOL’s price peaked at $258.89 before a selling pressure, which led to a pullback. Technical indicators show the 50 day exponential moving average at $234.17 and the 200 day EMA at $213.47.
This shows the upward trend, indicating a medium bullish outlook and long term sentiment. The RSI is at 55.52, indicating a slightly bullish momentum. Resistance levels are at $258.89 and $270, while support levels are at $240 and $234, near the 50 EMA.
Whale Activity and Netflows
Whale Alert reported a transaction of 317,696 SOL ($80 million) from an unknown wallet to Coinbase, pointing to heightened market activity. Historical netflow data indicates notable buying pressure in January, aligning with a surge toward $289.35.
However, periods of selling pressure, such as those observed in late 2024, contributed to price declines. Spikes in net inflows, as seen in May and early January, have previously correlated with upward price trends.
Key Levels to Watch
The price movement depends heavily on the ongoing buying and selling pressures. Bullish momentum could see SOL to $260 or $270, with a potential test of $280. On the flip side, a breakdown below $240 may lead to support levels at $234 or even $213.
Monitoring netflows and institutional activity to gauge future price movement is important. Zachxbt’s transfer adds to the ongoing activities on Solana’s dynamic market, with potential implications predicted.