{"id":25734,"date":"2024-12-04T16:16:57","date_gmt":"2024-12-04T16:16:57","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=25734"},"modified":"2024-12-04T16:16:57","modified_gmt":"2024-12-04T16:16:57","slug":"solana-whales-begin-accumulation-spree-amid-predictions-of-sol-at-600","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=25734","title":{"rendered":"Solana Whales Begin Accumulation Spree Amid Predictions of SOL at $600"},"content":{"rendered":"

TL:DR;<\/strong><\/p>\n

SOL\u2019s price skyrocketed after Trump\u2019s victory in the US elections to a new all-time high of $263 on November 23 but lost its momentum and is down by more than 11% since then.
\nHowever, whales seem unfazed as they keep buying portions of the asset while analyst envision a massive rally that could push it to as high as $600.<\/p>\n

<\/a><\/p>\n

SOL Whales Push the Buy Button<\/h2>\n

As mentioned above, Solana\u2019s native token was among the biggest beneficiaries of Trump\u2019s victory as it found a place among the top four altcoins at one point when it was in front of XRP and surpassed BNB. However, the roles have reversed, with XRP surging<\/a> to the third spot, while Binance Coin took back the fifth<\/a> earlier today after a historic rally to a fresh peak.<\/p>\n

Solana, alongside other assets like BTC and DOGE, has remained on the sidelines for the past few weeks. SOL has been consolidating and trading about 10-12% away from its November 23 peak.<\/p>\n

It seems large Solana investors have used this correction as an opportunity to increase their stash. Data from Lookonchain showcased several whale wallets that have withdrawn sizeable portions of the asset out of Binance and to cold storage \u2013 moves traditionally regarded as bullish for the underlying cryptocurrency as they reduce the immediate sell pressure.<\/p>\n

Whales are accumulating $SOL<\/a>!<\/p>\n

In the past 24 hours, 4 whales withdrew 185,510 $SOL<\/a> ($42.46M) from #Binance<\/a>.<\/p>\n

BnwZ\u2026w6tR withdrew 100,010 $SOL<\/a>($22.46M) from #Binance<\/a> 16 hours ago.<\/p>\n

CZwk\u2026qjwN withdrew 46,103 $SOL<\/a>($10.81M) from #Binance<\/a> in the past 18 hours.<\/p>\n

FxfH\u2026T7wp\u2026 pic.twitter.com\/AFBWA9NQch<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) December 4, 2024<\/a><\/p>\n\n

SOL Heading Toward $600?<\/h2>\n

Popular analyst IncomeSharks noted on December 2 that SOL\u2019s price movements resemble the head and shoulders (H&S) pattern. They cautioned investors that there might be another retracement for SOL but indicated that the \u201cgood news is we are approaching Supertrend support,\u201d which has held since October. SOL indeed bounced off from that level and now sits above $230.<\/p>\n

$SOL<\/a> \u2013 Pretty obvious H & S playing out. Just because you want price to go higher doesn\u2019t mean sometimes it goes down first. Good news is we are approaching Supertrend support (green line). Has held this since October so good chance for a bounce soon. pic.twitter.com\/iatYrkPHgM<\/a><\/p>\n

\u2014 IncomeSharks (@IncomeSharks) December 2, 2024<\/a><\/p>\n\n

Jelle was quite bullish on Solana, suggesting that its price could go as high as $600 during this cycle in case it manages to remain above the previous all-time high of around $225.<\/p>\n

$SOL<\/a> broke its previous ATH, and now forms a falling wedge right on top of the 25-day EMA.<\/p>\n

Also retesting RSI midlevel.<\/p>\n

Looks ready to resume price discovery soon.<\/p>\n

My targets: $400-600. Send it. pic.twitter.com\/lqX8Wcx8Ui<\/a><\/p>\n

\u2014 Jelle (@CryptoJelleNL) December 3, 2024<\/a><\/p>\n\n

The post Solana Whales Begin Accumulation Spree Amid Predictions of SOL at $600<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL:DR; SOL\u2019s price skyrocketed after Trump\u2019s victory in the US elections to a new all-time high of $263 on November 23 but lost its momentum and is down by more than 11% since then. However, whales seem unfazed as they keep buying portions of the asset while analyst envision a massive rally that could push […]<\/p>\n","protected":false},"author":0,"featured_media":25735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25734"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25734"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25735"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}