Solana’s native token saw an 8% increase in the last 24 hours, prompting analysts to make very optimistic bets for the near future.
At the same time, some remain cautious, projecting potential double-digit declines, while certain factors reinforce the pessimistic thesis.
SOL’s bullish targets
Just a few hours ago, the asset’s price briefly rose above $105, marking its highest level since early February. Currently, it is trading at around $104, which translates to a solid 42% upside on a monthly scale.
SOL’s strong performance appears to come from a mix of bullish factors acting together. The most obvious is the broader market resurgence, fueled among other things by monetary policy changes in the United States. Another element is growing institutional interest, with spot SOL ETFs recording seven consecutive green days: a phenomenon last seen in May this year.
Next on the list is the return of some of the big players. Lookonchain analytics platform revealed that a smart trader (who has been inactive for the past two years) purchased almost 96,000 SOL for almost $10 million. The analytical resource noted that the market participant had already made two swing trades on Solana, buying low and selling high both times, ultimately making a total profit of $4.95 million. Of course, this led to speculation that the player might know something the rest of us don’t.
For his part, user X Sweep disclosed that a whale opened a $14.8 million long position in Solana, stating that the investor had previously made $1.1 million trading the asset with a 100% success rate.
Many analysts applauded SOL’s revival, expecting further gains in the near term. User X Daan Crypto Trades argued that everything “seems good” as long as the price stays above $98.
THE HORIZON of opinion that it is only a matter of time before SOL exceeds $150, while fuel projected a possible explosion to $1,000. It’s important to note that the higher goal seems a bit far-fetched, but then again, nothing is impossible in crypto.
Towards the south?
Unlike the bulls mentioned above, Sweep describe a rather conservative forecast. He believes SOL could fall to $70, giving investors the opportunity to jump on the bandwagon at lower prices. “After this, Solana will go parabolic,” he added.
The net exchange flow of the asset supports the theory of a short-term decline. According to CoinGlass, investors have been aggressively moving from self-custody to centralized exchanges, which in turn is increasing immediate selling pressure.
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