Chainlink and Solana fall, bulls turn to new meme coin
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Chainlink (LINK) and Solana (SOL) fell in the past week, potentially resulting in losses for some recent investors.
This market movement has led some individuals to sell their holdings.
Meanwhile, interest in a newer meme coin has increased, with its price reaching an all-time high over the weekend.
Crypto whale sells $3.67 million worth of Chainlink
Recent data from SpotOnChain identified a large Chainlink token transaction.
The whale withdrew $3.76 million of LINK from Binance in two transactions.
While the wallet still holds $1.94 million worth of LINK, some experts speculate the sale might be related to potential market downturns.
This large transaction may force LINK below $17.
Despite this, Chainlink’s trading volume has increased by 25% in the past 24 hours to $581 million, according to CoinMarketCap data.
This suggests some investors continue to accumulate LINK tokens.
Solana faces intense selling pressure
Solana rallied in early 2024, reaching a high of over $118.
However, it has encountered resistance and declined by 10.12% in the past week, currently trading around $103.
This downward trend has increased selling pressure, with some analysts suggesting the price could fall below the $100 support level.
In the last 24 hours, SOL fell by 5.07%.
Notably, trading volume has increased by 27.26% to $2.6 billion during the same period.
Crypto bulls double down on KangaMoon
Stage one of the KangaMoon presale sold out. In stage two, KANG is trading for $0.0075.
KangaMoon is a new meme coin that aims to offer utility beyond typical meme projects.
It features a play-to-earn (P2E) game and various socialfi elements, including rewards for active players and community challenges.
The project seeks to build a community of cryptocurrency enthusiasts, attracting over 2,000 investors.
Presale participants can purchase KANG for $0.0075 on the KangaMoon website.
Early buyers receive a 15% bonus until Friday, Feb. 23.
With over 15% of stage two already sold, some analysts speculate that KANG could experience further price increases in Q1 2024.
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