The recent price movement of the popular altcoin Solana (SOL) has spooked investors, particularly individual ones. Although SOL dipped below $55, as long as it remains above the 50% Fibonacci level corresponding to $42, there is potential for the uptrend to resume. If the uptrend continues, Solana’s price could rise to $78.2, then to $100 and eventually to targets of $121.75.
Analyst Awaits a Drop Below $50 to Purchase SOL
The closely followed crypto analyst Altcoin Sherpa expects a rise in SOL, stating that the altcoin continues to stay within an uptrend. After evaluating SOL’s price trend, the analyst predicts a correction and highlights waiting for the price to drop below $50 to make a purchase during this pullback.
According to the seasoned crypto analyst’s analysis, SOL’s price is expected to reach triple digits by 2024. This implies at least a two-fold increase in SOL’s price in the coming year.
Solana Whale Transactions and Wallet Address Activity
Marouane Garcon, a founding partner of the perpetual futures exchange The Real-World Asset Exchange, adopted a different approach in his SOL analysis by focusing on the impact of large investments. Referring to data shared publicly by Whale Alerts, which detects significant movements on blockchains, Garcon stated:
The decline in Solana’s price is largely associated with whale movements. Over 2.1 million SOL were transferred to exchanges in just three transactions, signaling an impending major sell-off. This situation scared individual investors into selling.
On the other hand, there has been a significant increase in active wallet addresses on Solana. According to on-chain data analyzed by The Block, the number of active wallet addresses on the Solana network has risen to a six-month high of 444.48 thousand. This surge in active wallet addresses indicates growing interest and participation in the Solana ecosystem and could trigger a rise in SOL’s price in the foreseeable future.
- Recent SOL price dip causes investor concern.
- Analyst predicts SOL’s price to potentially double in 2024.
- Solana’s active wallets suggest growing ecosystem interest.
