Solana: Will whale activity take SOL beyond $209?

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  • Solana whales control 59% of Solana’s supply, with big players with over $5 million driving the market.
  • Social volume has dropped since the spike on the 20th of September.

As a seasoned researcher with a keen eye for market trends and an unquenchable thirst for knowledge, I find myself intrigued by the recent developments in the Solana [SOL] market. The surge in whale activity, coupled with the gradual decline in social volume, paints a picture that is as complex as it is fascinating.

The market for Solana (SOL) is becoming increasingly active, with a significant increase observed in the transactions by large investors, or “whales.” These substantial investors are making their influence felt as the value of Solana approaches a crucial resistance point where it may face obstacles.

This situation might indicate a possible market transformation, as large investors (often referred to as ‘whales’) start accumulating supply, potentially causing price fluctuations.

59% of Solana supply is under whale control

Based on AMBCrypto’s interpretation of Santiment’s findings, a large portion, approximately 59%, of Solana’s total supply is managed by prominent investors, often referred to as ‘whales’.

As a market analyst, I’ve observed that I personally hold substantial amounts exceeding $5 million in Solana (SOL). Given my significant investment, I often play a pivotal role in shaping and influencing the market dynamics and performance of this altcoin.

As a crypto investor, I’ve noticed that a substantial increase hints at the major players likely having a stake in driving Solana beyond its resistant threshold.

59% confidence from whales suggests they see great potential in Solana, which could lead to increased price pressure in the upcoming weeks.

Will Solana break through?

The price of Solana is getting close to an important barrier of resistance, which is a crucial point where the market’s direction might change dramatically.

Should whales persist in their purchasing trend, the cryptocurrency might overcome this significant barrier and potentially trigger a wider bullish momentum across the market.

Conversely, failure to break through resistance may lead to consolidation or a slight correction.

Lately, a well-known cryptocurrency expert has noted an uptick in large investor transactions (whales), suggesting that Solana is taking the lead among significant alternative coins (altcoins).

Analyzing the distribution of supplies across different cryptocurrencies, it’s clear that Solana’s (SOL) whales control a significant portion compared to many other competitors. This heavy whale involvement positions SOL as a frontrunner in any potential market rally.

Social mentions fade

As whales remain active, the social activity on Solana has progressively reduced since it peaked on the 20th of September.

Based on this, it appears that retail investors are becoming increasingly careful about their investment in the asset, even as the ‘whales’ show signs of optimism.

Read Solana’s [SOL] Price Prediction 2024–2025

Solana increased whale activity and reduced social volume signals mixed reaction.

While the accumulation by whales is a positive signal of the long-term prospects of the altcoin, the reduced social mentions may indicate that some investors are adopting a wait-and-see approach.

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2024-09-30 09:11