Solana surges 10% on whale activity, leading market recovery

Solana’s price is showing strong signs of recovery, forming a “W” shape on lower timeframes. A sustained close above $125 could see $SOL rally to $142, providing a potential boost for investors.

Solscan found active whale activity, with a whale with the address 9dZAPP…dnzAz3 withdrawing a total of 1.035 million SOL worth about $120 million from multiple validators including Cogent Crypto, Block Logic, LunaNova, etc. since July 16. The identity of the whale remains unknown, adding a touch of mystery to major market moves.

Amid the general crash in the cryptocurrency market, Solana-based K.F. has performed well. The platform experienced 6,000 liquidations, reported no bad debts, and processed over $4 million worth of collateral liquidations. Notably, no liquidations occurred in either the JLP market or SOL positions, demonstrating the platform’s robustness under severe stress testing.

Even under the intense stress of market conditions, transactions were processed smoothly. This performance highlights the resilience and efficiency of the Solana network and its associated DeFi platform during turbulent times.

Solana’s impressive market recovery and major moves by whales highlight the potential and volatility of the cryptocurrency. With the market watching closely, a close above $125 could signal further bullish momentum, potentially pushing $SOL to $142.

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