As an experienced crypto investor who’s been through numerous market cycles and learned to read whale movements, I see a promising opportunity with Solana (SOL). After Trump’s victory, SOL skyrocketed to an all-time high, but since then, it’s been on a rollercoaster ride. However, the recent buying spree from big Solana investors seems to indicate that they believe in its potential for growth.
TL:DR;
- SOL’s price skyrocketed after Trump’s victory in the US elections to a new all-time high of $263 on November 23 but lost its momentum and is down by more than 11% since then.
- However, whales seem unfazed as they keep buying portions of the asset while analyst envision a massive rally that could push it to as high as $600.
SOL Whales Push the Buy Button
Previously, Solana’s native token climbed into one of the top four altcoins following Trump’s election win, even overtaking both XRP and BNB at one point. Yet, things have changed now; XRP has moved up to third place, while Binance Coin regained its fifth position today after an impressive surge to a new high.
Over the past several weeks, I’ve noticed that Solana (SOL), much like Bitcoin (BTC) and Dogecoin (DOGE), hasn’t made significant moves. Instead, SOL has been holding steady, trading approximately 10-12% below its November 23 peak, indicating a period of consolidation for this digital asset.
It appears significant Solana investors are taking advantage of this dip to boost their holdings, according to data from Lookonchain. This information reveals several large investor wallets have withdrawn substantial amounts of the asset off Binance and into cold storage – a move typically seen as positive for the digital currency since it lessens immediate selling pressure.
Whales are accumulating $SOL!
In the past 24 hours, 4 whales withdrew 185,510 $SOL ($42.46M) from #Binance.
BnwZ…w6tR withdrew 100,010 $SOL($22.46M) from #Binance 16 hours ago.
CZwk…qjwN withdrew 46,103 $SOL($10.81M) from #Binance in the past 18 hours.
FxfH…T7wp…
— Lookonchain (@lookonchain) December 4, 2024
SOL Heading Toward $600?
On December 2nd, analyst IncomeSharks pointed out that the price fluctuations of SOL appeared to follow the Head and Shoulders (H&S) pattern. They advised investors to be prepared for a possible further drop in SOL’s price, but added a positive note: “The bright side is that we are nearing the Supertrend support,” which has been robust since October. True to their words, SOL did indeed rebound from this level and is now trading above $230.
It appears that the Head and Shoulders pattern seems to be unfolding as expected. Just because one hopes for prices to rise doesn’t always mean they will, sometimes there might be a dip first. The positive aspect is that we are nearing the Supertrend support line (depicted in green). This line has been holding strong since October, suggesting a potential rebound could occur soon.
— IncomeSharks (@IncomeSharks) December 2, 2024
As an analyst, I’m optimistic about Solana’s potential performance, projecting that its price could surge as high as $600 during this market cycle if it successfully maintains its value above its previous record high of approximately $225.
$SOL broke its previous ATH, and now forms a falling wedge right on top of the 25-day EMA.
Also retesting RSI midlevel.
Looks ready to resume price discovery soon.
My targets: $400-600. Send it.
— Jelle (@CryptoJelleNL) December 3, 2024
Read More
- SUI PREDICTION. SUI cryptocurrency
- COW PREDICTION. COW cryptocurrency
- Exploring the Humor and Community Spirit in Deep Rock Galactic: A Reddit Analysis
- WLD PREDICTION. WLD cryptocurrency
- KSM PREDICTION. KSM cryptocurrency
- Harvey Weinstein Transferred to Hospital After ‘Alarming’ Blood Test
- EUR IDR PREDICTION
- W PREDICTION. W cryptocurrency
- ADA EUR PREDICTION. ADA cryptocurrency
- GLMR/USD
2024-12-04 19:22