- Solana (SOL) whales have been accumulating the cryptocurrency, withdrawing large amounts from exchanges like Binance to cold wallets.
- Analysts predict that SOL could reach $600 during this cycle if it remains above its previous all-time high of around $225.
- SOL’s price rallied to a new all-time high of $263 after Trump’s victory in the U.S. elections but has since retraced over 11% from that peak.
The cryptocurrency market has always been a volatile and unpredictable one, with Solana (SOL) being no exception. Recently, Solana has lost its position as the fifth-largest cryptocurrency to Binance Coin (BNB), but this did not deter the ‘whales’ from continuing their accumulation spree. As predictions of SOL hitting $600 start to circulate, we delve into the details of these recent developments.
Solana Whales Ignoring Recent Downtrend:
Following the US elections that saw Donald Trump emerge victorious, Solana’s price soared to a new all-time high of $263 on November 23. However, the momentum did not last, and the price has since decreased by more than 11%. Despite this dip, large Solana investors, often referred to as ‘whales’, remain undeterred and continue to buy considerable amounts of the asset. This attitude suggests a potential massive rally that could push the price as high as $600.
Shifting Dynamics in the Cryptocurrency Market:
In the aftermath of Trump’s victory, Solana managed to climb the ranks among altcoins, even surpassing XRP and BNB at one point. However, the tables have since turned with XRP rising to the third spot and Binance Coin reclaiming the fifth position after a historic rally. Despite this, Solana, along with other cryptocurrencies like Bitcoin and Dogecoin, has been stagnant for the past few weeks, consolidating and trading around 10-12% away from its November 23 peak.
source: coingecko
Whales Seizing the Opportunity:
Despite the recent price consolidation, large Solana investors have taken this as an opportunity to increase their holdings. Data from Lookonchain has revealed several whale wallets withdrawing significant amounts of the asset from Binance and moving it to cold storage. This move is often seen as bullish for the underlying cryptocurrency as it reduces immediate selling pressure.
Predictions of Solana Hitting $600:
According to popular analyst IncomeSharks, Solana’s recent price movements resemble the head and shoulders (H&S) pattern. He warned investors of a potential retracement for SOL but also noted that the Supertrend support, which has held since October, is approaching. Another cryptocurrency enthusiast, Jelle, was bullish on Solana, predicting that its price could reach as high as $600 during this cycle if it manages to stay above the previous all-time high of around $225.
Conclusion:
While Solana has lost its spot as the fifth-largest cryptocurrency, it seems the ‘whales’ are not worried. They have continued their accumulation spree, and there are predictions of SOL hitting as high as $600. Whether or not these predictions come true, only time will tell. However, it is clear that Solana continues to command significant attention in the ever-changing and unpredictable world of cryptocurrencies.
