- Solana whales now control 57% of the supply, as Open Interest spikes by 40% to $2.3 billion.
- After breaking past the $162 resistance, SOL could correct to $165 before aiming for $187.
As a seasoned analyst with over two decades of market observations under my belt, I find myself increasingly intrigued by Solana’s [SOL] recent performance. The surge in whale activity and Open Interest is reminiscent of the dot-com boom of the late 90s, albeit on a blockchain.
As an analyst, I’m observing a persistently bullish trend for Solana [SOL]. The crucial indicators suggest that this digital asset is gearing up for an encouraging upward trajectory.
The intensity of whale transactions increased alongside rising Open Interest, capturing the market’s focus. As analysts keenly observe price trends, the intriguing dilemma arises: Will Solana manage to reach its projected peak of $187?
Whale activity takes the stage
Based on an analysis by AMBCrypto using data from Santiment, it appears that the activity of large investors (whales) in Solana has noticeably increased. These large wallets currently control approximately 57% of the total Solana supply, as they hold more than 5 million units.
A significant buildup indicates that major investors may be growing more optimistic about the token’s future growth potential. As the influence of ‘whales’ (large investors) increases, Solana seems set to experience additional price movements.
Solana Open Interest surges by 40%
In addition to heightened whale activity, the Open Interest on Solana has soared by 40%, reaching approximately $2.3 billion over a span of two days. This significant spike indicates that an increasing amount of capital is being poured into the futures market, indicating a swell of investor enthusiasm and optimism.
Generally speaking, this often results in larger fluctuations in price, which further boosts Solana’s already promising bullish outlook.
Liquidity pool at $165 signals a potential correction
Although Solana shows promising signs, it might encounter temporary obstacles in the near future. A possible minor dip is expected around $165.55, considering there’s approximately 13.94 million in its liquidity pool before further growth can be expected.
This could be an ideal moment for individuals looking to enter the market before the next upward trend, as it might attract more investors to the market.
Solana optimism for $187 grows
Following a 12% surge, Solana surpassed its significant barrier at $162, offering a promising indication to market participants.
Read Solana’s [SOL] Price Prediction 2024 – 2025
However, the next SOL barrier now looms at the $187 price level.
With increased whale activity coinciding with a surge in Open Interest, Solana appears well-positioned to aim for higher price levels.
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2024-10-21 19:35