• Solana (SOL) has reclaimed $20 amidst the current crypto market corrections.
• A large amount of SOL was transferred to Coinbase by an anonymous whale.
• The bullish reversal is attributed to Whale Activity, Change in Market Sentiment and the Grizzlython Hackathon.
Solana (SOL) Reclaims $20 Amidst Crypto Corrections
The current centralized banking crisis has been favorable for cryptocurrencies, with Solana (SOL) seeing a bullish reversal after its native cryptocurrency struggled to reclaim $20 over the past seven days. Crypto traders are predicting a pump in the price of SOL due to Whale activity and change in market sentiment as well as the ongoing Grizzlython Hackathon.
Whale Activity
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.
Change in Market Sentiment
Crypto trader Kar Crypto has shared an analysis of the price of SOL, claiming that it 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 views accumulating close to 53,000 within ten hours after its publication.
Recent Price Movement
Amidst border crypto market corrections ,the price off SOL had retraced from its recent one-month low on March 10th when it opened at 16:48 USD and peaked at 16:55 USD before closing at 15:07 USD . However ,a bullish reversal was seen shortly afterwards when it opened again above 18 USD .
Conclusion
The crisis surrounding centralized banks have resulted in an uptick in crypto markets ,with Solana’s native cryptocurrency surging despite recent market corrections . This surge can be attributed largely due to whales transferring large amounts into Coinbase exchanges ,change in positive sentiment among traders and also due to Grizzlython Hackathon taking place currently .
