Is Solana crypto ripe for a possible huge price rally? Some market analysts believe it does, seeing that the crypto is moving in a favorable pattern.
Investors and traders are now paying attention to Solana after an impressive comeback, allowing the digital currency to once again hit a two-month high.
Solana Set For A Historic Price Rally
Several analysts predicted that Solana could gear up for an exponential price rally after the crypto successfully rebounded from a slump in August.
According to their computation, the cryptocurrency’s price could skyrocket by over 2,500%, saying that from its current price of slightly over $170, Solana is on track to reach the $4,500 level. It is a huge growth that excites crypto traders and enthusiasts alike.
The forecast was made after Solana clawed its way back to the $171 mark in the last 11 weeks, the highest it has attained since August 1. Traders argued that the digital currency’s impressive recovery indicated that its price could go up further, saying that it is gaining momentum, and a 25-fold price hike is possible.
Although some market observers agree that Solona’s price is moving on an upward trajectory, they are a bit pessimistic about the 2,500% surge, offering a much more conservative estimate for the hike.
According to CoinGecko, a price increase of $450 from the current $171 is more reasonable than massive growth being floated by other analysts.
Hey bud do you mean $450?
— CoinGecko (@coingecko) October 21, 2024
A Whale Took Advantage Of The Peak
Lookonchain reported that a whale took advantage of when Solana hit a high of $164 and sold a huge chunk of crypto. According to the smart money tracker, the prominent whale traded $3.86 million worth of digital currency or the equivalent of 22,726 SOL — a move considered to be typical of a whale who usually buys when the market is down and sells when the price hits its peak.
A smart whale sold 22,726 $SOL($3.86M) at a price peak 3 hours ago.
This smart money always buys $SOL at low prices and sells at highs.
He currently holds 20,000 $SOL($3.33M), with a total profit of over $2.5M!https://t.co/e3Pgb1aMQq pic.twitter.com/n3AbKFpf24
— Lookonchain (@lookonchain) October 21, 2024
At press time, this whale still owns about 20,000 SOL or equivalent to $3.33 million. The whale’s total profit is estimated at over $2.5 million.
Another Bright Spot
Meanwhile, another crypto firm has adopted Solana in its platform, a positive development for the SOL coin.
Robinhood Crypto announced yesterday that it has enabled Solana in its platform, allowing users of the platform in the European Union to transfer the said 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 30 November) .
Terms apply. Get started: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/UZFXToTqZJ
— Robinhood Crypto EU (@RobinhoodCrypto) October 21, 2024
The platform joined the list of many firms that support the use of Solana crypto.
To entice its users to transfer their SOL currency, Robinhood Crypto offered its users a 1% deposit bonus on the app.
Solana becomes an addition to Robinhood Crypto product offerings which now include buying and trading over 35 cryptocurrencies in the app. Also, its users can bankroll their Solana crypto within the platform and get a 5.23% annual yield.
Featured image from Pexels, chart from TradingView