With the Solana (SOL) market experiencing a surge in whale activity, it appears that large holders are actively influencing the price movement of the altcoin towards a critical resistance level.
This uptick in whale activity could potentially lead to a significant market shift as these major players take control of the supply and drive the price action.
Domination by Solana Whales
Analysis from CryptoCrypto indicates that Solana whales currently dominate 59% of the circulating supply of the cryptocurrency.
These whales, holding over $5 million worth of SOL, possess enough power to impact the market performance of Solana significantly.
The substantial percentage controlled by whales signifies their strong belief in Solana’s potential, hinting at a possible increase in buying pressure in the upcoming weeks.
A Breakthrough for Solana?
As Solana’s price approaches a crucial resistance level, the stage is set for a potential market shift based on whale activities in the coming days.
If whales continue accumulating, there is a strong possibility that Solana could surpass this resistance level, potentially triggering a broader market rally.
However, a failure to break through could result in consolidation or a minor price correction for the altcoin.
Notably, a prominent crypto analyst recently highlighted the growing whale activity surrounding Solana, positioning it as a frontrunner among major altcoins.
When compared to its competitors, SOL whales hold a substantial portion of the coin’s supply, placing Solana in a favorable position for a potential bullish trend.
Decline in Social Mentions
Despite the heightened whale activity, the social volume related to Solana has been steadily declining since the peak on September 20th.
This decrease in social mentions suggests that retail investors are exercising caution with the asset, even amidst the bullish moves by whales.
The combination of increased whale activity and reduced social volume reflects a mixed sentiment towards Solana.
While whale accumulation signals long-term positivity for the altcoin, the dwindling social interest may indicate a more tentative approach from some investors.