Solana (SOL) is the fifth largest cryptocurrency by market capitalization and has experienced an impressive 23% increase in just 24 hours. Earlier today, the cryptocurrency surpassed the $140 mark again. This remarkable recovery followed a significant drop in the entire cryptocurrency market, caused by geopolitical uncertainties and Japan's interest rate decision. This led to a decline of as much as 16% in the previous session. Bitcoin also could not escape this downturn and saw its value decrease after an initial surge.

Earlier this week, Solana's market value fell below the crucial support level of $121, causing anxiety among cryptocurrency traders and enthusiasts.

The cryptocurrency has come under increased scrutiny as large investors, often referred to as "whales," transferred about 2.38 million SOL, worth approximately $307 million, to centralized exchanges. This massive relocation pushed SOL below the $125 mark and broke the $118 support, further fueling bearish sentiments for Solana.