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Solana (SOL) Price Analysis: Despite Whale Dump, Analyst Predicts Recovery to $180
Despite a Solana whale’s $2.9 million token dump, an analyst is optimistic that SOL could recover to the $180 level. Nevertheless, this is not an isolated event, as the same whale has been selling SOL tokens since January 15, 2024, liquidating a total of over 614,000 SOL worth $89 million to different Centralized Exchanges (CEXes).
However, investor interest remains strong due to Solana’s trading volume increase by 14% in the past 24 hours. The number of outstanding contracts, also known as Open Interest, has increased by 1% over the same period, indicating that traders are taking notice. SOL’s current price is hovering around $148.5, an increase of 4.5% in the last 24 hours.
While this may seem like a small gain, it’ll take time to understand the larger global market. Several major assets in the cryptocurrency market have experienced significant price increases, with Solana being particularly impressive. Its price has surged by more than 4.5% in just 24 hours, suggesting that SOL could be on the verge of a much higher price increase.
Despite the recent whale dump, an expert predicts that it could rise again to $180. One important aspect to consider are however, liquidation levels at SOL. The data indicates that liquidation levels are significant, with areas near $141 and $150 on the higher side. If SOL were to rise to $150, short positions would be liquidated by almost $40.5 million, which could result in a price increase.
On the other hand, if SOL were at $141, long positions may be floated for ‘temporary resumption’ of price appreciation due to temporary liquidity effects caused by the whale token dump.
The cryptocurrency market is currently exhibiting an upward trend, with top assets taking the lead. Solana, in particular, is poised to capitalize on this trend due to its growing trading volume and open interest, which suggests that investors are showing more interest. As the market continues to evolve, it’s important to closely monitor SOL’S price movements and liquidation levels as well.
While there are no guarantees in the cryptocurrency market, an analyst’s prediction is that SOL could potentially regain the $180 level. Given its current price of $148.5, SOL is poised to push higher into the $150 range, which could result in even greater volatility.
Finally, while the Solana whale had a significant impact on the token supply, the asset’s fundamentals remained robust. Despite the overall cryptocurrency market showing upwards, investor interest remains strong and speculation persists that SOL can recover from its reported $180 level.
Solana Price Analysis 2024: Predictions and Insights.
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