Could Solana crypto be on the brink of a significant price surge? Some market analysts seem to think so, noting that the crypto is exhibiting a favorable trend.
Following a noteworthy resurgence, investors and traders are now directing their attention towards Solana, allowing the digital currency to reach a two-month high once again.
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Solana Poised For An Unprecedented Price Surge
Many analysts have forecasted that Solana could be gearing up for a massive price surge after successfully rebounding from a downturn in August.
Based on their calculations, the price of the cryptocurrency might soar by over 2,500%, suggesting that from its current value of just above $170, Solana is on a trajectory to reach the $4,500 mark. This represents a substantial growth that excited both crypto traders and enthusiasts.
This prediction follows Solana’s recovery to the $171 point over the last 11 weeks, marking its highest level since August 1. Traders believe that this impressive bounce back signifies that the price could continue to rise, claiming that momentum is building and a 25-fold increase is within reach.
While some market observers share the view that Solana’s price is trending upwards, they remain somewhat skeptical about the 2,500% escalation, offering a much more restrained outlook on its potential growth.
According to CoinGecko, a price uptick of $450 from the existing $171 is deemed to be more plausible than the substantial growth suggested by other analysts.
Hey bud, are you referring to $450?
— CoinGecko (@coingecko) October 21, 2024
A Whale Took Advantage Of The Peak
Lookonchain has reported that a whale capitalized on Solana reaching a high of $164 by selling a considerable amount of cryptocurrency. The smart money tracker indicated that the whale traded $3.86 million worth of digital assets, which translates to approximately 22,726 SOL—a move typically associated with whales who prefer to buy during market dips and sell at peaks.
A savvy whale sold 22,726 $SOL ($3.86M) at a price peak 3 hours ago.
This smart money always acquires $SOL at low prices and sells when prices are high.
They currently hold 20,000 $SOL ($3.33M), with total profits exceeding $2.5M!https://t.co/e3Pgb1aMQq pic.twitter.com/n3AbKFpf24
— Lookonchain (@lookonchain) October 21, 2024
As of the latest update, this whale still possesses about 20,000 SOL, valued at approximately $3.33 million. Their total profit is estimated to be over $2.5 million.
Another Positive Development
In other news, another cryptocurrency firm has integrated Solana into its platform, marking a positive step for the SOL coin.
Robinhood Crypto announced yesterday that it has enabled Solana, allowing users in the European Union to transfer the digital currency.
Crypto transfers for $SOL are now available on Robinhood Crypto!
Withdraw & Deposit #SOL, and earn with a 1% deposit rewards bonus on the app (valid until November 30). Terms apply. Get started: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/UZFXToTqZJ
— Robinhood Crypto EU (@RobinhoodCrypto) October 21, 2024
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This move places Robinhood among the many firms promoting the use of Solana crypto.
To encourage users to transfer their SOL currency, Robinhood Crypto is offering a 1% deposit bonus on the app.
Solana adds to Robinhood Crypto’s product lineup, which now allows users to buy and trade over 35 cryptocurrencies within the app. Users can also earn a 5.23% annual yield on their Solana holdings within the platform.
Featured image from Pexels, chart from TradingView
