- Data shows that participants are HODLing, but SOL has fallen by 6.16%.
- If the volume increases at the current price trend, the token could reach $129.
May 13th, 23 million Solana [SOL] According to Whale Alert data, it was sent to an undisclosed wallet. The first deal was worth $1.58 billion, according to a shared post.
A second person, suspected to be the same participant, sent another 11 million tokens worth roughly the same price to another wallet.
Three hours later, another large transaction occurred.This time it was 1 million SOL transferred.
One thing that AMBCrypto has noticed is that there are no transactions on the exchange. If the token had been floating on an exchange, the idea that it was being sold would have arisen.
Source:X
Is it $129 or $155? Where is your next target?
In this case, SOL’s price may have recorded a notable decline. Nevertheless, the performance of the token was not very good. At the time of writing, SOL was priced at $140.
This value decreased by 6.16% in 24 hours, indicating that the envisaged HODLing strategy was unable to save the cryptocurrency from further decline.
Where Solana Native Token goes next could be a matter of concern for long-term investors and traders alike. Therefore, AMBCrypto analyzed potential directions.
The first metric considered was Solana’s On-chain volume. Volume indicates how much cryptocurrency is traded (in monetary terms) over a given period of time.
For SOL, volume was $1.44 billion, up from the May 12 figure, according to Santiment data. Increasing volume while prices are falling could be good news for the bears.
Source: Santiment
This is because a rise in the index could bring strength to the downside. Therefore, if the value continues to increase, the price of SOL may continue to fall.
Therefore, a price drop to $129 could be the next likely target.
On the other hand, a reversal to the upside could change direction. If this happens and the volume reaches a new peak, SOL price could reach $155.
the bear is losing confidence
Regarding market perception of SOL, AMBCrypto focused on weighted sentiment. At the time of writing, weighted sentiment was negative, suggesting an increase in dark rhetoric.
However, one notable observation is: emotions were improving. If this metric continues to rise, demand for SOL may increase.
Increased demand could invalidate the bearish forecast to $129. In fact, the next move for Solana could be a rally to $155. Additionally, total open interest (OI) was also starting to increase.
Source: Santiment
As of this writing, OI was $1.46 billion. OI increases or decreases depending on net positioning. In this case, buyers are becoming more aggressive than sellers.
read solana’s book [SOL] Price prediction for 2024-2025
If this rally continues, it could lead to a breakout in SOL. But the interest didn’t seem to be great enough to confirm the pump to overhead resistance.
Therefore, SOL may not be able to soar above $155 in the short term.
