Solana Price Prediction and Impact of Mysterious Whale Activity
Solana Price Prediction: Mysterious Whale Moves $332M Worth of SOL
Backed by the general crypto market gains and increasing investor interest in meme coins launched on the Solana (SOL) blockchain, the network's native token has registered stellar performance in the current rally.
Anticipating Record Highs
Indeed, SOL investors are anticipating the next price movement that could pave the way for a potential record high above the $200 mark, as the community remains super bullish.
Impact of On-Chain Movement
Notably, the growth in SOL prices has coincided with a significant on-chain movement of the token, with 1,757,028 SOL tokens worth approximately $332 million being transferred between unknown wallets on March 29.
Price Analysis and Outlook
- Trading Shot suggests that SOL may retrace to $155 or hit a new high of $310 based on technical analysis.
- On-chain metrics show a bullish price outlook, with SOL emerging as a competitor to Ethereum in the DeFi space.
- Activity related to the FTX crypto exchange collapse may influence SOL's performance, especially with a planned sale of 41 million SOL tokens.
Key Concerns and Price Movement
Additionally, Solana faces challenges such as network outages and reliance on meme coins, raising caution towards a new all-time high. Despite trading at $196 with daily gains of almost 7%, SOL's price movement remains an area of interest.
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.