The bullish momentum of Solana (SOL) continues unabated, as key metrics for the altcoin indicate a promising uptrend.
With a notable increase in whale activity and Open Interest, all eyes are on the market. The question looming large is whether Solana can breach the significant milestone of $187.
Whale Activity Surges
Recent data analysis from Santiment suggests a substantial surge in whale activity, with wallets holding over 5 million Solana representing 57% of the total supply.
This extraordinary accumulation signals growing confidence among major investors regarding the token’s long-term potential. As whales assert their dominance, Solana is primed for further upward movements.
Open Interest Jumps by 40%
In tandem with the heightened whale activity, Solana’s Open Interest has spiked by 40%, reaching $2.3 billion within just two days.
This sharp increase indicates an influx of funds into the futures market, reflecting a wave of optimism among investors. Such scenarios often result in increased price volatility, providing further momentum to SOL’s bullish outlook.
Likelihood of Correction at $165
Despite the positive signs, Solana might encounter resistance in the near term, potentially leading to a correction around the $165.55 mark, with a significant liquidity pool of over 13.94 million SOL.
This could present a favorable buying opportunity for investors looking to enter the market before the next upward move, thereby bolstering market liquidity.
Increasing Optimism for $187 Target
Following a recent 12% rally that saw Solana breach the crucial resistance level of $162, market sentiment remains buoyant.
Although the immediate hurdle lies at $187, the strong whale activity coupled with the surging Open Interest sets Solana on a promising trajectory towards higher price targets.