Welcome to Extreme Investor Network, your go-to source for all things related to the stock market, trading, and Wall Street. Today, we’re diving into the world of Solana and its recent price movements, specifically focusing on SOL staking balances.
As the Solana price dipped and hit a bottom around April 15, node validators were holding a total of 378.4 million SOL in staking contracts. However, as prices started to climb, we’ve seen a gradual decrease in staking deposits, indicating that some investors may be looking to capitalize on the price surge to take early profits.
Fast forward to April 24, and the total stake has dropped to 374.4 million SOL, with investors having un-staked 5 million SOL in just the last 10 days. This shift in staking behavior during a price uptrend could be a signal of a potential correction on the horizon.
With Solana trading at $156 per coin, the newly-unstaked coins are valued at approximately $780 million. This influx of coins into the market within a short period could lead to a supply imbalance, potentially causing a correction in Solana’s price before it makes its next move towards $200.
Looking at the bigger picture, the recent withdrawal of $780 million SOL by node validators suggests that SOL price may be gearing up for a short-term pullback towards $150. Closing above the $160 level is crucial for the bulls to maintain their momentum, but technical indicators like the Bollinger Bands point to a potential challenge at the 20-day SMA price level of $157.
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