Solana’s native token has posted an 8% increase over the past 24 hours, prompting analysts to make highly bullish bets for the near future 🖤.
The Upturn Targets for SOL 🌙
At the same time some remain cautious projecting potential double-digit declines while certain factors reinforce the pessimistic thesis. Just a few hours ago the asset’s price briefly exceeded $105 marking the highest point since early February. Currently it trades at around $104 which translates into a solid 42% pump on a monthly scale. SOL’s strong performance appears to stem from a blend of bullish factors working together. The most obvious one is the broader market resurgence driven by monetary policy changes in the US among other reasons. Another element is the rising institutional interest with spot SOL ETFs registering seven consecutive green days something last observed in May this year.
Next on the list is the return of some of the big players. Analytics platform Lookonchain revealed that a smart trader who has been inactive in the past two years has purchased almost 96,000 SOL for nearly $10 million. The analytics resource noted that the market participant has previously completed two Solana swing trades buying low and selling high both times ultimately making $4.95 million in total profit. Of course this has led to speculation that the player might know something the rest of us don’t 🕸️. For his part X user Sweep disclosed that a whale opened a $14.8 million long position in Solana stating that the investor previously made $1.1 million trading the asset with a 100% win rate.
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Many analysts applauded SOL’s revival expecting further short-term gains. X user Daan Crypto Trades argued that everything looks good as long as the price remains above $98. SKYLINE opined that it is only a matter of time before SOL rises beyond $150 whereas Fuel projected an eventual explosion to $1,000. It is important to note that the higher target seems a bit far-fetched but yet again nothing is impossible in crypto 🦇.
Potential Downside Risks 💀
Unlike the aforementioned bulls Sweep outlined a rather cautious forecast. He thinks SOL could nosedive to $70 giving investors a chance to hop on the bandwagon at lower prices. After that Solana will go parabolic he added 🌑. The asset’s exchange net flow backs the theory of a short-term decline. According to CoinGlass investors have been moving aggressively from self-custody to centralized exchanges which in turn boosts immediate selling pressure.
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Just another echo from the void by iconofsin.eth 💖
