In-Depth Solana (SOL) Analysis: Whale Activity Sparks Price Rally

Tuesday, 10 September 2024, 07:41

Altcoin analysis reveals that Solana (SOL) attracted a whale purchase of $4.52 million, fueling a fresh rally in the market. This significant transaction led to a notable price spike and increased trading volume, indicating growing interest in SOL. Other whale activities present contrasting strategies, highlighting the dynamic nature of Solana's market. These developments underline the potential for further price movements in the Solana ecosystem.
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In-Depth Solana (SOL) Analysis: Whale Activity Sparks Price Rally

Whale Activity in Solana (SOL)

Recently, a whale address acquired 34,807 SOL tokens, worth over $4.52 million. This transaction incited a 4.26% price surge for SOL and a 41% increase in trading volume over the previous 24 hours.

Contrasting Whale Strategies

  • One whale has adopted an ongoing accumulation strategy, withdrawing about 207,000 SOL since February.
  • In contrast, another whale sold 20,000 SOL, worth around $2.66 million, despite holding a significant stake of 1.84 million SOL.

Market Insights

Solana's value has seen a 5% rise in the last day. The positive funding rate indicates higher demand for long positions, suggesting traders are accumulating SOL in expectation of further price increases.

Price Predictions

With SOL priced at $135.197, it stands above the short-term resistance level of $133.37. If the demand continues, SOL could potentially rally by 17% to $159.90.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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