Solana (SOL) is currently trading below the critical $150 level, yet it seems to maintain a bullish outlook in the short term according to some analyses. What exactly is happening in the market with Solana (SOL)?
Whales and SOL Transactions
Indeed, the $150 level is seen as a crucial milestone for SOL to reach its all-time high.
Especially, the increase in the number and volume of meme coins launched on the platform in recent blockchain projects contributes to SOL’s prominence.
However, SOL’s short-term upward momentum could change considering the latest transactions involving whales.
Particularly, according to information shared by Whale Alert about 2 days ago, on April 27, significant transactions were made containing more than 22 million SOL tokens valued at over 3 billion dollars.
The first transaction involved moving approximately 11 million SOL tokens worth about $1.53 billion from an unknown wallet to another unknown wallet. In the second transfer, 11.1 million SOL tokens worth $1.55 billion were moved to another unidentified wallet.
While the basis of these whale transactions is unknown, such activities generally create significant market movements.
SOL Price Predictions
AI used by CoinCodex predicts an upcoming rise in SOL’s price in the next months.
The AI application indicates that by May 27, SOL will trade at $162 after a 14% increase from its current price outlook. It assumes SOL will trade within a certain range, predicting a price of $143.74 by May 1.
Comments on Solana (SOL)
In addition to the expected fluctuations due to whale transactions, Solana appears to be preparing for a price change influenced by various on-chain factors.
A survey conducted by CoinShares shows that institutional investors have a strong preference for Solana. Indeed, the growing interest from institutional investors could enhance investor confidence in the altcoin and potentially alter its price outlook.
Given the reputational damage SOL has suffered due to recent network outages, the increase in institutional interest could be seen as a refreshing boost of confidence.
Amidst all these developments, it is also worth noting that SOL has fallen to a price level of $136 after a 4% drop as of the time of writing.
