SLERF Price Rockets 56% Amid Massive Whale Buying, Rally To Continue?

Coingapestaff
November 16, 2024
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SLERF Price Rockets 64% Amid Massive Whale Buying, Rally To Continue?

Highlights

  • SLERF pice skyrockets as the Solana meme coin witnesses increased buying pressure.
  • Heightened whale accumulations pave a bullish path for the coin's trajectory.
  • SLERF price witnessed gains with 61% intraday.

Solana meme coin SLERF price noted a staggering 56% uptick on Saturday, gaining massive attention from investors. Notably, recent reports indicate that the meme coin whales and market makers are shifting their focus towards the crypto, which may have contributed to the recent gains.

Besides, the soaring trading volume and other on-chain metrics also indicate further rally ahead for the asset.

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SLERF Price Rallies Amid Soaring Buying Pressure

According to recent market trends, the top Solana meme coins appear to have witnessed considerably increased buying pressure in the market. Amid this, Arkham data indicates that the market maker Wnitermute bagged $940,000 worth of SLERF from the Asian crypto exchange OKX a few days ago. The massive buying pressure with this purchase aided the token in taking a bullish trajectory over the past few days. Furthermore, two whales were recorded to make massive accumulations, adding to investor optimism about the asset.

As per on-chain data, the whale address 3.15 spent 4642 SOL to bag 2.35 million SLERF, worth $1.02 million, at an average cost of $0.4325. In addition, the address AkxGU…wfyqW spent 1.03 million USDC to buy 2.52 million coins, at the price of $0.4103. Overall, the abovementioned whale data underscored heightened market interest in the asset, paving a bullish path for the Solana meme coin’s future movements.

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The Solana Meme Coin Rockets 60%

SLERF price noted gains worth 56% in the intraday to trade at $0.4240. Its 24-hour low and peak were $0.2616 and $0.4544, respectively. Notably, the token’s intraday trading volume surged 116% to $228.55 million in light of the massive buying.

SLERF Price
SLERF Price

Coinglass data indicated that the Solana meme coin’s futures OI witnessed a 72% uptick to $22.05 million. Further, the derivatives volume also soared 133% to $157.28 million. This data underlines increased investor interest, further escorted by the massive whale buying, sparking optimism on future movements. Crypto market participants anticipate additional gains in the token as no massive selloffs have been recorded yet, which could cause downside pressure on the asset.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.