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Is Solana cryptocurrency ready for a potential significant price rise? Some market analysts believe this to be the case, as they see cryptocurrencies moving in a favorable pattern.
Investors and traders are now paying attention to Solana after an impressive comeback, which allowed the cryptocurrency to rise again to its highest level in two months.
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Solana is preparing for a historic rise in prices
Many analysts expected this Solana You could be preparing for a massive price surge after the cryptocurrency successfully rebounded from the recession in August.
According to their calculations, the price of the cryptocurrency could rise by more than 2,500%, saying that from its current price of just over $170, Solana is on track to reach the $4,500 level. It’s a massive growth that is of interest to cryptocurrency traders and enthusiasts alike.
This forecast was made after Solana returned to the $171 level in the past 11 weeks, the highest level reached since August 1st. Traders argued that the digital currency’s impressive recovery indicates that its price could rise further, saying that as it is gaining momentum, the price could rise 25-fold.
Although some market watchers agree that Solona’s price is on an upward trajectory, they are a bit pessimistic about the 2,500% rise, offering a more conservative estimate of the rise.
According to CoinGecko, a price increase of $450 from the current price of $171 makes more sense than the massive growth touted by other analysts.
Brother, do you mean $450?
— Coin Gecko (@coingecko) October 21, 2024
Pisces took advantage of the climax
Lookonchain reported that a whale took advantage of Solana reaching a high of $164 and sold a significant portion of the cryptocurrency. According to smart money tracker, the prominent whale traded $3.86 million worth of the digital currency or the equivalent of 22,726 soles – a move considered typical of a whale that usually buys when the market falls and sells when the price reaches its peak.
Smart Whale sold 22,726 $ sol($3.86 million) at the highest price 3 hours ago.
This smart money is always buying $ sol Priced low and sells at a high price.
It currently holds 20,000 $ sol($3.33 million), for a total profit of over $2.5 million!https://t.co/e3Pgb1aMQq pic.twitter.com/n3AbKFpf24
– Loconchain (@loconchain) October 21, 2024
At the time of writing, this whale still owns about 20,000 soles, or $3.33 million. The whale’s total profit is estimated at more than $2.5 million.
Another bright spot
Meanwhile, another cryptocurrency company has adopted Solana into its platform, which is a positive development for SOL coin.
Robinhood Crypto announced yesterday that it has enabled Solana on its platform, allowing platform users in the European Union to convert the aforementioned digital currency.
Encryption conversions for $ sol Available now on Robinhood Crypto!
Withdrawal and deposit #SolAnd earn a 1% deposit bonus on the app (valid until November 30).
Conditions apply. never: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/UZFXToTqZJ
— Robinhood Crypto EU (@RobinhoodCrypto) October 21, 2024
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The platform joins the list of several companies that support the use of the Solana cryptocurrency.
To entice its users to convert their SOL coin, Robinhood Crypto offered its users a 1% deposit bonus on the app.
Solana is an addition to Robinhood’s Crypto product offering that now includes buying and trading over 35 cryptocurrencies in the app. Also, its users can fund their Solana cryptocurrency within the platform and receive an annual return of 5.23%.
Featured image from Pexels, chart from TradingView