Solana whales start rally amid SOL predictions at $600

TL:DR;

The price of SOL soared after Trump’s victory in the US election to a new all-time high of $263 on November 23, but lost its momentum and is down more than 11% since then However, the whales do not seem uneasy as they continue to buy parts of the asset as the analyst predicts a massive rally that could take it to $600.

SOL Whales Press the buy button

As mentioned above, Solana’s native token was one of the biggest beneficiaries of Trump’s victory, finding a place among the top four altcoins at a time when it was ahead of XRP and overtaking BNB. However, the roles have been reversed, with XRP rising to third place, while Binance Coin reclaimed fifth place earlier today after an all-time rally to a new peak.

Solana, along with other assets like BTC and DOGE, has remained on the sidelines for the past few weeks. SOL has been consolidating and trading around 10-12% away from its November 23 peak.

It seems that big Solana investors have used this correction as an opportunity to increase their reserve. Lookonchain data showed several whale wallets that have pulled significant portions of Binance assets into cold storage, moves traditionally considered bullish for the underlying cryptocurrency as they reduce immediate selling pressure.

The whales are piling up $SOL!

In the last 24 hours, 4 whales withdrew 185,510 $SOL ($42.46 million) from #Binance.

BnwZ…w6tR folded for 100,010 $SOL($22.46 million) from #Binance 16 hours ago

CZwk…qjwN withdrew 46,103 $SOL($10.81 million) from #Binance in the last 18 hours.

BxfH…T7wp… pic.twitter.com/AFBWA9NQch

— Lookonchain (@lookonchain) December 4, 2024

ONLY around $600?

Popular analyst IncomeSharks noted on December 2 that SOL’s price movements resemble the Head and Shoulders (H&S) pattern. They warned investors that there could be another pullback for SOL, but indicated that the “good news is that we are approaching Supertrend support,” which has been holding since October. SOL bounced back from this level and is now above $230.

$SOL – H & S quite obvious playing. Just because you want the price to go up doesn’t mean it will sometimes go down first. The good news is that we are approaching Supertrend support (green line). He has kept it up since October, so a good chance for a rebound soon. pic.twitter.com/iatYrkPHgM

— IncomeSharks (@IncomeSharks) December 2, 2024

Jelle was quite bullish on Solana, suggesting that its price could reach $600 during this cycle should it manage to hold above the previous all-time high of around $225.

$SOL it broke its previous ATH and now forms a falling wedge just above the 25-day EMA.

Also retest mid-level RSI.

Looks set to resume price discovery soon.

My goals: $400-600. send it pic.twitter.com/lqX8Wcx8Ui

— Jelle (@CryptoJelleNL) December 3, 2024

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