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Is Solana crypto ripe for a massive price rally? Some market analysts believe it is, seeing that the crypto is moving in a favorable pattern.
Investors and traders are now paying attention to Solana after a spectacular comeback, allowing the digital currency to reach a two-month high again.
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Solana Sets Historic Prices Meeting
Several analysts have predicted that Solana could be preparing for a bullish rally after the crypto successfully rebounded from the slump in August.
According to their calculations, the price of the cryptocurrency can increase by more than 2,500%, saying that from its current price of more than $ 170, Solana is on its way to reach the level of $ 4,500. It’s a massive growth that’s exciting crypto traders and enthusiasts alike.
The forecast was made after Solana returned to the $ 171 mark in the past 11 weeks, which is the highest figure we have received since August 1. momentum, and a 25-fold increase in price is possible.
Although some market observers agree that Solona’s price is going higher, they are pessimistic about the 2,500% increase, giving a more conservative estimate of the increase.
According to CoinGecko, the price increase of $ 450 from the current $ 171 is more reasonable than the large increase floated by some analysts.
Hi dear you mean $450?
– CoinGecko (@coingecko) October 21, 2024
The Whale Gained the Top Benefit
Lookonchain reported that the whale took advantage when Solana hit a high of $164 and sold a large chunk of crypto. According to the smart money tracker, the prominent whale traded digital currency worth 3.86 million or the equivalent of 22,726 SOL – a move considered typical of a whale who usually buys when the market is low and sells when the price reaches a high.
The wise whale sold 22,726 $SOL($3.86M) at the highest price in the last 3 hours.
This smart money buys regularly $SOL at low prices and sell high.
He currently holds 20,000 $SOL($3.33M), for a total profit of over $2.5M! pic.twitter.com/n3AbKFpf24
– Lookonchain (@lookonchain) October 21, 2024
At press time, this whale still holds about 20,000 SOL or the equivalent of $3.33 million. The total profit of the whale is estimated at more than 2.5 million dollars.
Another Bright Spot
Meanwhile, another crypto company has adopted Solana on its platform, a positive development for the SOL coin.
Robinhood Crypto announced yesterday that it has enabled Solana on its platform, allowing users of the platform in the European Union to transfer the said digital currency.
Crypto transfers of $SOL now available on Robinhood Crypto!
Withdraw & Deposit #SOLand benefit from a 1% deposit rewards bonus in the app (valid until November 30) .
Terms apply. Launch: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/UZFXToTqZJ
– Robinhood Crypto EU (@RobinhoodCrypto) October 21, 2024
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The platform joined the list of many firms supporting the use of Solana crypto.
To attract its users to transfer their SOL currency, Robinhood Crypto has offered its users a 1% deposit bonus in the app.
Solana becomes an addition to the Robinhood Crypto product offering that now includes buying and trading over 35 cryptocurrencies in the app. Also, its users can deposit their Solana crypto currency within the platform and get an annual yield of 5.23%.
Featured image from Pexels, chart from TradingView