TLDR
Solana whales now control 59% of circulating supply
SOL price approaching key resistance level
Social volume declining despite whale activity
Analysts predict potential price range of $125-$207 for SOL in 2024
Long-term outlook remains bullish with $250+ price targets by 2025
Solana’s cryptocurrency SOL is seeing increased accumulation by large holders, known as “whales,” as its price approaches a critical resistance level.
Data from blockchain analytics firm Santiment shows that whales now control 59% of Solana’s circulating supply, with large holders possessing over $5 million in SOL driving recent market activity.
This surge in whale holdings comes as SOL’s price nears an important technical resistance point.
Analysts are watching closely to see if increased buying pressure from major players will be enough to push SOL beyond this barrier. A breakthrough could potentially trigger a broader market rally for the asset.
Social media activity around Solana has been declining since a spike in mid-September, suggesting retail investors may be taking a more cautious approach despite the bullish moves by whales.
This divergence between whale accumulation and social sentiment presents a mixed outlook for SOL in the near-term.
Price predictions for Solana in 2024 vary, with estimates ranging from $125 on the low end to over $200 on the high end.
The most optimistic projections see SOL potentially reaching $207 next year if positive momentum continues. However, more conservative estimates place SOL’s 2024 price floor around $125 in bearish scenarios.
Solana Price on CoinGecko
Looking further ahead, some analysts see SOL potentially hitting $250 by 2025 if long-term bullish trends persist. The previous all-time high for SOL was $259.96, reached in November 2021 during the last crypto bull market cycle.
In terms of recent price action, SOL is currently trading around $156, up about 4% over the past week. The total circulating supply of Solana tokens is approximately 468.8 million, with a market capitalization of $73.6 billion.
Market participants are closely monitoring whale wallet activity as a potential leading indicator for SOL’s next major move.
Large holders have historically had significant influence over Solana’s price trends. However, declining social media buzz suggests retail interest may be waning in the short-term.
Solana’s blockchain network has seen fluctuating adoption and activity levels in recent months.
A decline in memecoin hype on Solana contributed to some investor pessimism earlier this year. However, the approval of Solana ETFs in Brazil provided a boost to sentiment.
Technical analysts have identified the $122 to $187 range as an important zone to watch for SOL. A break below $122 support could see the price drop further to around $110.
Conversely, a rally past $187 resistance may open the door to retesting previous highs.
The post SOL Price Predictions Range from $125 to $207 for 2024 appeared first on Blockonomi.