The Solana market is heating up as significant whale activity causes a notable spike. Large holders are asserting their influence, pushing the price of the altcoin towards a crucial resistance point.
This surge may indicate an impending market shift as whales absorb the available supply, prompting movements in the price.
Over 50% of Solana Circulating Supply Controlled by Whales
An analysis by CryptoCrypto using Santiment data reveals that Solana whales are in control of more than half, totaling 59%, of the circulating supply.
These sizable holders possess over $5 million in SOL each and wield enough power to steer the market performance of the altcoin.
With such a high percentage under whale control, it is evident that major stakeholders are keen on propelling Solana past its resistance levels.
This dominance by whales signifies confidence in Solana’s potential, hinting at potential upward pressure on prices in the near future.
Can Solana Overcome the Obstacles?
Solana’s price is fast approaching a critical resistance level, creating a pivotal moment where market dynamics might shift.
If whales persist in their buying activities, Solana could successfully breach this resistance level, triggering a broader market upturn.
Conversely, failure to surpass the resistance could result in a consolidation phase or a minor correction.
A prominent crypto analyst recently highlighted the escalating whale activity, positioning Solana as a forerunner among major altcoins.
Comparing data, SOL whales hold a more substantial portion of the available supply in contrast to other competing digital assets. This active whale involvement places Solana at the forefront for any potential bullish trend.
Decline in Social Engagement
Despite the heightened whale activity, the social buzz around Solana has been gradually diminishing since its peak on the 20th of September.
This trend suggests that retail investors are becoming more cautious about the asset’s prospects, despite the bullish moves by whales.
Solana’s surge in whale activity alongside a decrease in social chatter presents a mixed reaction.
While whale accumulation signals optimism for the altcoin’s long-term outlook, the dwindling social mentions may imply that certain investors are adopting a watchful stance.