TL:DR;
- SOL price soared after Trump’s victory in the US election to a new all-time high of $263 on November 23, but lost momentum and is down more than 11% since then.
- However, the whales seem unfazed as they continue to buy parts of the asset, while analysts predict a massive rally that could take it as high as $600.
Ballenas SOL presses the buy button
As mentioned above, the native Solana token was among the biggest beneficiaries of Trump’s victory, as it found a place among the top four altcoins at a time when it was ahead of XRP and surpassed BNB. However, the roles have reversed, with XRP rising to third place, while Binance Coin regained fifth place today after a historic rally to a new peak.
Solana, along with other assets like BTC and DOGE, has been on the sidelines for the past few weeks. SOL has been consolidating and trading 10% to 12% lower than its November 23 high.
It seems that large Solana investors have taken this correction as an opportunity to increase their reserves. Lookonchain data showed several whale wallets withdrawing sizable portions of the Binance asset into cold storage, moves traditionally considered bullish for the underlying cryptocurrency as they reduce immediate selling pressure.
The whales are piling up $SOL!
In the last 24 hours, 4 whales withdrew 185,510 $SOL ($42.46 million) #Binance.
BnwZ…w6tR withdrew 100,010 $SOL($22.46 million) #Binance 16 hours ago.
CZwk…qjwN withdrew 46,103 $SOL($10.81 million) #Binance in the last 18 hours.
FxfH…T7wp… pic.twitter.com/AFBWA9NQch
— Lookonchain (@lookonchain) December 4, 2024
SOL heading towards $600?
Popular analyst IncomeSharks noted on December 2 that SOL’s price movements resemble the head and shoulders (H&S) pattern. They warned investors that there could be another pullback for SOL, but indicated that “the good news is that we are approaching Supertrend support,” which has held since October. In fact, SOL rebounded from that level and now sits above $230.
$SOL – H&S pretty obvious. Just because you want the price to go up doesn’t mean it will sometimes go down first. The good news is that we are approaching Supertrend support (green line). He has maintained this since October, so there is a good chance he will recover soon. pic.twitter.com/iatYrkPHgM
– IncomeSharks (@IncomeSharks) December 2, 2024
Jelle was quite bullish on Solana, suggesting that its price could reach as high as $600 during this cycle should it manage to stay above the previous all-time high of around $225.
$SOL it broke its previous ATH and is now forming a falling wedge just above the 25-day EMA.
Also retesting the mid-level RSI.
It looks set to resume price discovery soon.
My goals: $400-$600. Send it. pic.twitter.com/lqX8Wcx8Ui
– Jelle (@CryptoJelleNL) December 3, 2024
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