Based on Solscan, Pump.enjoyable made two important deposits to Kraken on January 1. The primary, price $22.8 million, occurred at 4:37 PM UTC, adopted by one other $32.7 million switch at 5:45 PM. The platform added an extra $13.11 million in SOL to Kraken on January 2.
Traditionally, massive trade inflows have tended to coincide with elevated promoting stress, a prelude to a worth decline. The sturdy demand for Solana to this point has swallowed this provide and is pushing the worth greater. SOL broke above a descending parallel channel on January 2 wherein it had been buying and selling since late November and may be signaling a bullish reversal.
The value has additionally damaged above its 20-day Exponential Shifting Common, an indicator of rising demand. This indicator tracks the development in costs during the last 20 days and displays a shift towards bullishness.
Technical indicators help this outlook. Additionally, the MACD line has simply crossed above its sign line on 1 January, which may point out additional upward momentum. If the development continues, Solana would possibly take a look at the subsequent resistance at $219.31 and at finest attain its all-time excessive of $264.63.
This implies a sudden enhance in selloffs may revert all of the beneficial properties to $189.24.
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