Solana

Solana: THESE factors point to $165 correction – Will $187 happen after?

Published

1 month ago

October 21, 2024

Edited By: Saman Waris

Solana whales now control 57% of the supply, as Open Interest spikes by 40% to $2.3 billion.
After breaking past the $162 resistance, SOL could correct to $165 before aiming for $187.

Solana [SOL] bullish rally still holds, with the altcoin key metrics pointing towards a promising uptrend.

Whale activity spiked along with the Open Interest, stealing market attention. With traders closely eyeing the charts, the million-dollar question would be if Solana can indeed hit the next major target of $187.

Whale activity takes the stage

According to AMBCrypto analysis on data from Santiment , whale activity has surged significantly, with wallets holding over 5 million Solana is now commanding 57% supply.

Such extreme accumulation would suggest that big investors are finally confident in the long-term prospects of the token. While the dominance of whales rises, Solana is poised for further price action.

Source: Santiment

Solana Open Interest surges by 40%

Alongside increased whale activity, Solana Open Interest has surged 40% to $2.3 billion in just two days. The sharp rise suggests more and more money is participation in the futures market, signaling a wave of investor optimism.

In most times, this leads to wider price swings that add fuel to SOL’s already-glowing bullish prospects.

Source: Santiment

Liquidity pool at $165 signals a potential correction

Despite the positive indicators, Solana may face potential resistance in the short term. The price could have a slight correction at $165.55 with over 13.94 million in the liquidity pool before higher gains are seen again.

This may serve as a buying opportunity for those who need to get into the market in advance of the next move higher, increasing the market influx.