FxWirePro- SOLUSD Trade Idea

In the past week, there has been noticeable whale activity with Solana (SOL), showing that large investors are accumulating more of this cryptocurrency.

Whale Accumulation Highlights:

Major Purchases:

A well-known whale, whose wallet address begins with "AA21," bought about 7,500 SOL on November 11, 2024. This purchase was worth around $1.57 million.

This addition is part of a larger strategy, and now this whale holds a total of 257,599 SOL, valued at about $54 million.

SOLUSD pared most of its gains after hitting a multi-month high $225 and is trading around $207. The near- term support is around $200 and any violation below that could target $180/$160/$145/ $127, $120, or $110.

For traders, watching the near-term resistance at $230 is crucial; breaking through this level could lead to further price increases to $250/ $269 or even $300.

 Buying on dips around $180 with a stop-loss at 159 and a target price of $269 is a solid strategy.